Saudi Paper Manufacturing submits new capital cut request to CMA

Saudi Paper Manufacturing Co. has submitted its capital reduction request to the Capital Market Authority (CMA), the company said in a statement on Tadawul.

Last month, the company’s board of directors amended its capital cut recommendation, advising a 45.56 percent capital reduction to SAR 245 million from SAR 450 million, instead of the previously recommended 46.67 percent capital cut.

The amendment was made after reporting a net profit of SAR 4.7 million for Q1, which reduced the accumulated losses by SAR 5 million.

The capital cut aims to restructure capital and offset accumulated losses of SAR 205 million.