SPM’s EGM discussing capital cut not convened

30/10/2019 Argaam

 

Saudi Paper Manufacturing Co.’s (SPM) extraordinary general assembly meeting to discuss capital cut wasn’t held on Tuesday, Oct. 29, 2019 due to the lack of quorum, the company said in a bourse statement.

 

The meeting was then postponed and a new meeting date will be announced after obtaining necessary approvals, the statement added.

 

In case of approving the capital cut process, the capital cut decision will be effective for all shareholders of the company registered in the records at the Securities Depository Center (Edaa) at the end of the second trading day following the Extraordinary General Assembly in which it decided to reduce the capital.

 

Earlier this month, SPM said a general assembly meeting should be held to make a decision regarding the accumulated losses within 45 days from the board’s losses notification which ends on Nov. 13, 2019 in order to avoid the company’s liquidation.

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Most Read