Riyadh – Mubasher: Yanbu Cement Company’s board of directors recommended cutting the company’s capital by 36.5% to SAR 1 billion from SAR 1.58 billion.
The move comes as the capital exceeds the company’s needs, according to a stock exchange filing on Sunday.
The capital reduction will be implemented through the cancellation of 57.5 million shares and compensating the shareholders.
Moreover, the transaction will not affect the company’s obligations, operational, financial, or organisational performance and is expected to reflect positively on the capital structuring, profitability ratios, and performance indicators.
