Saudi cement firm postpones capital reduction plan amid private sector push | Reuters
Saudi Arabia’s Yanbu Cement Co said on Monday it was postponing a recommendation to decrease its capital to support Saudi government plans requiring the private sector to invest in the local economy.
Yanbu Cement, listed on the Saudi stock exchange Tadawul, had said in January its board had recommended a capital reduction to 1 billion riyals ($266.65 million) from 1.575 billion riyals as the capital exceeded the company’s needs.
The capital decrease would have happened by cancelling 36.5% of its shares and compensating shareholders.
But the firm decided to postpone the plan “in line with the private sector partnership reinforcement program” announced by Saudi Arabia’s Crown Prince Mohammed bin Salman last week, it said in a bourse filing on Monday.
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