Saudi Paper shareholders to discuss filing claim against former board, audit offices on May 22

Logo of Saudi Paper Manufacturing Co. (SPM)

Shareholders of Saudi Paper Manufacturing Co. (SPM) will vote on filing a liability claim against former board members and accounting audit offices for the period between April 3, 2012 and April 26, 2018 during the ordinary general meeting (OGM) scheduled for May 22.

The abovementioned board members and accounting audit offices were convicted by virtue of the final decision issued by the Appeal Committee for the Resolution of Securities Disputes on Feb. 2, 2023, after selling lands belonging to the company.

In a statement to Tadawul, the paper manufacturer said other agenda items include voting on filing a liability lawsuit against the former board members for the period from April 1, 2019 to March 31, 2020, who were convicted by the Appeal Committee on Dec. 26, 2022, on selling the company's factory in Morocco.

Shareholders will also vote on authorizing the current board to take the regulatory procedures to file a liability lawsuit and take all necessary legal measures to proceed with it.