Logo of Saudi Paper Manufacturing Co.
Saudi Paper Manufacturing Co.’s shareholders approved a capital increase by 75.52% through offering a SAR 145 million rights issue during the extraordinary general meeting (EGM) held on Oct. 17, the company said in a statement to Tadawul
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Capital Hike Details |
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Current Capital |
SAR 192 mln |
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Number of Shares |
19.2 mln |
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Capital Hike (%) |
75.52% |
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Capital after Increase |
SAR 337 mln |
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Number of Shares after Increase |
33.7 mln |
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Method |
Offering 14.5 mln rights issue shares worth SAR 145 mln |
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Reason |
To support expansion plans by injecting new cash to finance the working capital, and, to enhance the firm’s operating capacity and support its future business |
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Record Date |
Oct. 17 (Shareholders registered with Edaa at the end of the second trading day following the EGM date) |
In a separate statement, the Saudi Exchange (Tadawul) said the fluctuation limits on Oct. 18 for Saudi Paper will be based on a share price of SAR 31.70 and the outstanding orders will be canceled.
The company’s rights will be deposited into shareholders' portfolios on Oct. 20.
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