Al Badia Cement announces capital reduction and beginning of procedures for listing the company in the stock market during the Non-Ordinary General Assembly

Al Badia Cement (JSC) held its General Assembly Non-Ordinary meeting in Damascus on 06.08.2011 which was dedicated for informing the shareholders of the reduction on capital and beginning of procedures for listing the company in stock market. The company's capital was reduced from 12.2 to 9.76 billion Syrian pounds, by not calling the last payment of capital and reduction of the nominal value of the company's shares from 500 to 400 SYP. The decision to split the company's shares was ratified; so each share would be split into four shares, and the number of shares would become 97.6 million shares with a nominal value of one hundred Syrian pounds.

Mr. Khalid Al Sawaf, Chief Executive Officer of Al Badia Cement declared that the company obtained a long-term loan by Bank Audi Sardar (JSC) and Audi Syria.Taking into account that the paid payments of the capital and banking finance cover the needs of the company of funding in addition to the cash flow that is available since the beginning of the actual sale of cement during the second quarter of 2011.Due to the success of the company in securing its capital needs, whether through the amounts paid by the shareholders or funded by the banks, and in commitment to the requirements of listing the company with the Syrian Commission on Financial Markets and Securities in terms of completion of capital, the board of directors decided not to call for the last payment and carry on with 80% of the capital paid by the shareholders.

Al Sawaf also stressed that the company began actual production operations and selling of their product, (Al Jamal Cement) in the local market, as the company's product enjoys high quality and consistency in terms of conformity to specifications, to continuously meet the needs on Portland cement by the construction & building sector in the Syrian Arab Republic.