Saudi Paper to offset part of accumulated losses from reserves

Saudi Paper Manufacturing Co.’s (SPM) general assembly has approved using SAR 66.25 million from statutory reserve to offset part of the company’s accumulated losses which reached 43.9 percent of capital, the firm said in a bourse statement.

During the meeting, shareholders have also approved appointing Fahd Al Dawwd, Saad Al Shamary and Sulaiman Azzabin as board members effective from Nov. 1, 2018 until the end of the current term on April 26, 2021.