Saudi Arabia: Al Jouf Cement Company's board has overruled its previous recommendation to increase the company’s capital in order to settle financial obligations. Mist News has reported that the board based its latest decision on its successful rescheduling of loans with Alinma Bank and SAB, increased sales and the success of cost reduction initiatives.
Al Jouf Cement Company additionally filed a complaint with the Saudi Arabian Capital Market Authority against three former board members. The company’s accusations against the former board members include that they allegedly forged the vice chair’s signature, made investments for purposes not designated by the company’s articles of association, lost investments worth US$36.3m, failed to obtain approval for transactions with related parties and misled the company and its shareholders about investments and losses.
