Saudi Printing plans to cut capital after hike to offset losses below 50%

Logo of Saudi Printing & Packaging Co. (SPCC)

Saudi Printing & Packaging Co.’s (SPCC) board of directors recommended today, May 14, a capital reduction following a capital increase to offset accumulated losses to below 50% of the company’s capital, according to a Tadawul statement.

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More details about the capital cut will be disclosed once all procedures related to the capital increase are finalized.

The capital optimization will have no material impact on SPCC’s liabilities, operations, financial performance, or regulatory standing.

These recommendations are subject to the approval of the regulatory authorities and the extraordinary general assembly.

The proposals are part of a comprehensive plan launched by the company to enhance its capital structure and support expansion.

The company will disclose any material developments in a timely manner.

According to data available on Argaam, SPCC signed, on Nov. 5, 2024, an agreement to settle its SAR 178.1 million debt to Alinma Bank by transferring ownership of two land plots and issuing new shares in favor of the bank through capital increase.