Shareholders of Saudi Paper Manufacturing Co. (SPM) will vote on capital increase through SAR 100 million rights issue in the extraordinary general meeting scheduled for Dec. 6, the company said in a bourse statement.

 

On Oct. 6, the Capital Market Authority (CMA) approved SPM’s request to raise its capital by SAR 100 million, Argaam reported.

 

Key Figures of the Capital Hike

Current Capital

SAR 92 mln

Number of shares

9.2 mln shares

Hike (%)

108.7%

New capital

SAR 192 mln

Number of shares after increase

19.2 mln

Key Figures of the Rights Issue

Number of rights issue shares

10 mln shares

Issue price

SAR 10

Issue size

SAR 100 mln

Record date

By the close of the second trading day after the extraordinary general meeting date.

Use of proceeds

To purchase raw materials, namely tree pulp to feed the company's production lines, rebuild assets to improve production quality, purchase equipment to boost production and repay part of the bank loans
 

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Saudi Paper gets CMA's nod on capital hike through SAR 100 mln rights issue

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