Saudi Paper Manufacturing Co. (SPMC) will face termination by Nov. 13 under the Saudi Companies Law if it fails to hold an extraordinary general assembly meeting within 45 days from the date its board of directors was informed of losses or shareholders fail to pass a resolution.
On Sept. 30, the company’s accumulated losses stood at SAR 129.13 million, or 52.7percent of capital.
On Oct. 10, the board of directors recommended holding an extraordinary general assembly meeting to discuss accumulated losses that accounted for over 50 percent of the company's capital.
SPMC shareholders were invited by the board to vote on 62.45 percent capital cut from SAR 245 million to SAR 92 million in the extraordinary general assembly (EGM) scheduled for Nov. 4.
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