Saudi Paper shareholders approve 75.52% capital hike via SAR 145 mln rights issue

18/10/2022 Argaam
Logo ofSaudi Paper Manufacturing Co.

Logo of Saudi Paper Manufacturing Co.

Saudi Paper Manufacturing Co.’s shareholders approved a capital increase by 75.52% through offering a SAR 145 million rights issue during the extraordinary general meeting (EGM) held on Oct. 17, the company said in a statement to Tadawul 

 

Capital Hike Details

Current Capital

SAR 192 mln

Number of Shares

19.2 mln

Capital Hike (%)

75.52%

Capital after Increase

SAR 337 mln

Number of Shares after Increase

33.7 mln

Method

Offering 14.5 mln rights issue shares worth SAR 145 mln

Reason

To support expansion plans by injecting new cash to finance the working capital, and, to enhance the firm’s operating capacity and support its future business

Record Date

Oct. 17 (Shareholders registered with Edaa at the end of the second trading day following the EGM date)
 

In a separate statement, the Saudi Exchange (Tadawul) said the fluctuation limits on Oct. 18 for Saudi Paper will be based on a share price of SAR 31.70 and the outstanding orders will be canceled.

 

The company’s rights will be deposited into shareholders' portfolios on Oct. 20.

 

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