Saudi Paper says court receives SAR 17.30 mln in suspected manipulation claim

Logo of Saudi Paper Manufacturing Co. (SPM)

Saudi Paper Manufacturing Co. (SPM) announced today, March 30, that the Enforcement Court received SAR 17.30 million from the buyer of the company's land, which will be deposited as per the applicable rules.  

The company indicated that this amount would reflect positively on its cash flows, according to a bourse filing.  

SPM stressed that it will take the necessary regulatory procedures to safeguard its interest and shareholders’ equity.   

Last January, SPM said that Riyadh Court of Appeal upheld a previous ruling in favor of the company in the case of suspected manipulation related to the sale of the company's land. 

The buyer was ordered to pay SAR 17.30 million to SPM. Upon receipt of the judgment text, the company will submit it to the competent enforcement authorities.