Saudi Paper Manufacturing Co.’s shareholders approved on Monday a 45.56 percent capital cut to SAR 245 million from SAR 450 million, the company said in a bourse statement.
The step is aims to offset accumulated losses and support the company’s future growth.
In a separate statement, the Saudi Stock Exchange (Tadawul) said that the fluctuation limits for Saudi Paper will be based on a share price of SAR 12.76.
Trading on the company will also be suspended for two business days starting from Tuesday, Sept. 11, 2018, until the Securities Depository Center Company (Edaa) reflects shares reduction on investors’ portfolios.
The suspension will be lifted end of Wednesday, Sept. 12.
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Key Figures of the Capital cut |
|
|
Current Capital |
SAR 450 mln |
|
Number of shares |
45 mln shares |
|
Hike (%) |
45.56% (0.911 for every 2 shares) |
|
New Capital |
SAR 245 mln |
|
New number of shares |
24.5mln shares |
|
Method |
Writing off 20.5 mln shares |
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Record date |
Sept. 10, 2018 |
|
Deriver |
Restructuring capital to offset accumulated losses of SAR 205 mln |
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