Financial

Al Jouf Cement Initiates Liquidation of EICO Subsidiary

Al Jouf Cement has begun the liquidation process of its subsidiary, Eastern Industrial Co. (EICO), reflecting a strategic shift and potential financial recovery.

Photo by ekrem osmanoglu / Unsplash

Al Jouf Cement, holding a 10% stake in EICO, announced the commencement of liquidation procedures for its subsidiary, which has an investment value of SAR 136 million, including SAR 6 million in development expenses. The company anticipates that this liquidation will have a positive impact on its financial statements, potentially recovering all or part of the invested amount. Further updates on the liquidation process will be provided by Al Jouf as they become available.

For more details, visit Argaam.

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