City Cement appointed on Wednesday GIB Capital as financial advisor for its planned capital cut, the company said in statement to Tadawul.

 

It has also appointed Abdulaziz Hamad Al Fahad and Partners as legal advisor for the process.

 

The cement producer will disclose further details upon submitting the capital cut request to the Capital Market Authority (CMA), the statement added.

 

In November, the company’s board of directors recommended a 26% capital cut to SAR 1.4 billion from SAR 1.89 billion through share cancellation, Argaam reported.

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