Riyadh – Mubasher: Al Jouf Cement Company has submitted a request to the Capital Market Authority (CMA) for a SAR 343 million capital reduction.

The Saudi listed firm noted that it will disclose any further details regarding the capital reduction process once available, according to a bourse filing on Monday.

It is worth noting that last April, the company’s board proposed the 24% capital cut to offset accumulated losses of SAR 343 million.

In 2021, Al Jouf Cement incurred net losses after Zakat and tax worth SAR 150.97 million, higher by 53.20% than SAR 98.54 million in 2020.