Saudi Paper Manufacturing Co.’s (SPM) subscription to new shares and rights trading begins today, Dec. 14, to increase capital from SAR 92 million to SAR 192 million.
Rights trading will end on Monday, Dec. 21, while the subscription to new shares will close on Thursday, Dec. 24.
Rights holders are entitled to subscribe to the new shares partially or fully on a pro rata basis. Unsubscribed shares, and share fractions, will be offered to institutional investors.
Last Wednesday, the Securities Depository Center Co. (Edaa) deposited Saudi Paper’s tradable rights into the accounts of eligible securities’ holders, Argaam reported.
The company’s shareholders approved the board of directors’ recommendation to increase the company’s capital from SAR 92 million to SAR 192 million through a SAR 100 million rights issue.
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Key Figures of the Capital Hike |
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Current Capital |
SAR 92 mln |
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Number of shares |
9.2 mln shares |
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Hike (%) |
108.7% |
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New capital |
SAR 192 mln |
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Number of shares after increase |
19.2 mln |
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Key Figures of the Rights Issue |
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Number of rights issue shares |
10 mln shares |
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Issue price |
SAR 10 |
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Issue size |
SAR 100 mln |
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Record date |
By the close of the second trading day after the extraordinary general meeting date. |
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Start of rights issue trading |
Dec. 14, 2020 |
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End of rights issue trading |
Dec. 21, 2020 |
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Start of subscription to new shares |
Dec. 14, 2020 |
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End of subscription to new shares |
Dec. 24, 2020 |
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Use of proceeds |
To purchase raw materials, mainly tree pulp to feed the company's production lines, rebuild assets to improve production quality, purchase equipment to boost |
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