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Saudi Paper Manufacturing Co. (SPM) announced today, Dec. 27, 2020, the result of rights issue trading, new share subscription, and details of unsubscribed shares sale.
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Rights Issue Details |
|
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Number of rights issue shares |
10 mln |
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Shares subscribed |
9.4 mln |
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Value of subscribed shares |
SAR 94.04 mln |
|
Coverage ratio |
94.04% |
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Number of remaining shares |
596,414 |
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Date of remaining shares offering |
Dec. 29, 2020, to Dec. 30, 2020 |
Rump shares will be offered to a number of institutional investors, provided that those institutions submit purchase offers, the firm said in a statement to Tadawul.
The remaining shares will be allocated to institutional investors by giving priority to the highest bid, with shares allocated on a proportional basis among the institutional investors who tendered offers at the same price.
In the event shares remain unpurchased by institutional investors, they will be allocated to the underwriter who will purchase them at the offering price, the statement added.
The rump offering for unsubscribed 596,414 shares will start on Tuesday, Dec. 29, 2020, and continue until Wednesday, Dec. 30, 2020.
According to data available with Argaam, rights issue subscription period ended on Dec. 24, 2020.
Rights trading started on Dec. 14, to increase the company’s capital from SAR 92 million to SAR 192 million, through a SAR 100 million rights issue.
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