SPM submits capital hike request to CMA

10/05/2020 Argaam

 

Saudi Paper Manufacturing Co. (SPM) submitted on May 7 a request to increase capital through a SAR 100 million rights issue to the Capital Market Authority (CMA).

 

The company appointed Al Wasatah Al Maliah Co. (Wasatah Capital) as financial advisor for the offering, it said in a bourse statement on Sunday.

 

Any related development will be announced in due course, the statement noted.

 

On April 30, SPM’s board of directors amended its capital hike recommendation to SAR 100 million from SAR 150 million through a rights issue.

 

In November 2019, the company’s general assembly approved reducing capital by 62.45% to SAR 92 million to offset the accumulated losses.

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