Saudi Paper Manufacturing Co.’s board of directors has amended its capital cut recommendation, advising a 45.56 percent capital reduction to SAR 245 million from SAR 450 million, the company said in a statement on Tadawul.
Saudi Paper’s board of directors had earlier recommended cutting capital by 46.67 percent to SAR 240 million.
The decision to amend the planned capital cut was made after reporting a net profit of SAR 4.7 million during the first quarter of 2018, reducing accumulated losses to SAR 205 million from SAR 210 million.
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Key Figures of the Capital Reduction |
|
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Current Capital |
SAR 450 mln |
|
Number of shares |
45 mln shares |
|
Reduction (%) |
45.56% (0.911 share for every 2 shares) |
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New Capital |
SAR 245 mln |
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New number of shares |
24.5 mln shares |
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Method |
Cancellation of 20.5 mln shares |
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Driver |
Restructuring capital and offsetting accumulated losses of SAR 205 mln |
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