Riyadh – The Capital Market Authority (CMA) has approved the capital reduction requests of Red Sea International Company and Al Jouf Cement Company to offset accumulated losses.
Red Sea International will reduce its capital from SAR 600 million to SAR 302.34 million, while Al Jouf Cement will cut its capital from SAR 1.43 billion to SAR 1.08 billion, according to recent bourse disclosures.
Last May, Al Jouf Cement submitted the capital reduction request to the CMA in order to amortise accumulated losses of SAR 343 million.
Meanwhile, the Red Sea International’s board recommended the 48.44% capital cut to offset accumulated losses, which accounted for SAR 298 million in the first quarter (Q1) of 2022.
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