SPM’s EGM discussing capital cut not convened

Saudi Paper Manufacturing Co.’s (SPM) extraordinary general assembly meeting to discuss capital cut wasn’t held on Tuesday, Oct. 29, 2019 due to the lack of quorum, the company said in a bourse statement.

The meeting was then postponed and a new meeting date will be announced after obtaining necessary approvals, the statement added.

In case of approving the capital cut process, the capital cut decision will be effective for all shareholders of the company registered in the records at the Securities Depository Center (Edaa) at the end of the second trading day following the Extraordinary General Assembly in which it decided to reduce the capital.

Earlier this month, SPM said a general assembly meeting should be held to make a decision regarding the accumulated losses within 45 days from the board’s losses notification which ends on Nov. 13, 2019 in order to avoid the company’s liquidation.