Logo of Filing and Packing Materials Manufacturing Co. (FIPCO)
Filing and Packing Materials Manufacturing Co.’s (FIPCO) shareholders disapproved the board’s recommendation to increase the company’s capital through offering rights issue shares worth SAR 115 million, during the extraordinary general meeting held May 9.
In a statement to Tadawul, FIPCO said that the company’s Articles of Association will remain unchanged.
In November 2022, the Capital Market Authority (CMA) approved, FIPCO’s request to increase capital through SAR 115 million rights issue, Argaam earlier reported.
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Capital Hike Details |
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Current Capital |
SAR 115 mln |
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Number of Shares |
11.5 mln shares |
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Percentage Increase |
100% (one share for every one share held) |
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New Capital |
SAR 230 mln |
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Number of Shares |
23 mln shares |
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Rights Issue Details |
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Offered shares |
11.5 mln shares |
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Offer price |
SAR 10 |
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Size of issue |
SAR 115 mln |
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Eligibility ratio |
Each listed shareholder shall have the right to subscribe to one share per each owned share. |
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Rights issue proceeds |
Investment expansions |
SAR 49 mln |
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Repayment of loans |
SAR 30 mln |
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Financing working capital |
SAR 32 mln |
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Offering costs |
SAR 4 mln |
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