Saudi Paper to preserve company, shareholders rights; claim compensation for damages

05/08/2021 Argaam

Logo of Saudi Paper Manufacturing Co.

Saudi Paper Manufacturing Co. (SPM) said it will not hesitate to take statutory measures to preserve its and shareholders rights, as well as claim compensation for any damage.

 

The declaration came in a statement to Tadawul to clarify the announcements of the Capital Market Authority (CMA) on referring the legally responsible persons in the company to the Public Prosecution for not registering and disclosing the sale of a subsidiary in Morocco in the “suspicious” financial statements.

 

In addition, the CMA referred SPM executives to the Public Prosecution for carrying out actions that led to creating an incorrect and misleading impression in the value of the company’s security in the process of selling and repurchasing lands between 2012 and 2016.

 

The impact will be positive on the company, the statement noted.

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