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SABIC

Saudi cement firm postpones capital reduction plan amid private sector push
Markets

Saudi cement firm postpones capital reduction plan amid private sector push

  • 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.
Published 05 Apr, 2021 09:37pm
Most major Gulf markets gain; Saudi index dips
Markets

Most major Gulf markets gain; Saudi index dips

  • Saudi Arabia's crown prince said oil firm Aramco and petrochemical firm SABIC would lead 5 trillion riyals ($1.33 trillion) of investments by the local private sector by 2030 under a programme announced on Tuesday for economic diversification.
  • The kingdom's benchmark index eased 0.1%, hit by a 1.5% fall in oil giant Saudi Aramco and 2% slide in Saudi Basic Industries Corp.
Published 01 Apr, 2021 07:48pm