Saudi Paper subscription to new shares ends today

Logo of Saudi Paper Manufacturing Co.

Saudi Paper Manufacturing Co. (SPM) announced that subscription period for rights issue shares will end today Nov. 2.

The rights trading period and subscription to the new shares began on Oct. 23; and the rights trading closed on Oct. 30.

According to data available with Argaam, Saudi Paper shareholders approved on Oct. 17 the board of directors' recommendation to increase capital by 75.52% to SAR 337 million from SAR 192 million through a SAR 145 million rights issue.

The company offered 14.5 million shares, at SAR 10 each, granting each registered shareholder 0.755 rights for every share held on the record date.

Capital Increase Details
Current capital	SAR 192 mln
Number of shares	19.2 mln
Capital increase (%)	75.52%
Capital after increase	SAR 337 mln
Number of shares after increase	33.7 mln

Rights Issue Details
Number of shares offered	14.5 mln
Offer price	SAR 10
Size of issue	SAR 145 mln
Eligibility ratio	Each shareholder on record will be granted 0.755 right for every share owned
Record date	Oct. 17, 2022
Rights issue proceeds	Acquiring fixed assets	SAR 92.3 mln
	Purchasing raw materials	SAR 33.9 mln
	Repayment of bank loans	SAR 15 mln
	Offering fees	SAR 3.9 mln

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