Al Jouf Cement announces liquidation of EICO

Al Jouf Cement announced liquidating its subsidiary Eastern Industrial Co. (EICO), in which Al Jouf contributes 10% of its capital. The investment value amounts to SAR 136 million, including development expenses of SAR 6 million, the company said in a statement to Tadawul.

If the liquidation procedures are completed, it is expected that the impact will be positive on the company’s financial statements by recovering all or part of these amounts.

The company will announce any developments in this regard later.