CMA OKs Saudi Printing capital hike via SAR 73.7M debt conversion

Logo of Saudi Printing and Packaging Co.'s

The Capital Market Authority (CMA) approved Saudi Printing and Packaging Co.'s request to increase its capital through converting debt amounting to SAR 73.68 million.
 

In a statement, the regulator said that this approval is conditional on the company's extraordinary general assembly approval and completion of the necessary procedures in relation to the applicable regulations.
 

A shareholders' circular will be published clarifying reasons for the capital increase and its objectives within sufficient time prior to the EGM to enable shareholders to vote on the capital increase through debt conversion. If the EGM approval is not obtained within six months from the CMA's approval date, the approval shall be deemed cancelled.
 

According to data available with Argaam, the company signed, on Nov. 5, 2024 an agreement to settle all of its SAR 178.1 million outstanding debts owed to Alinma Bank through the ownership transfer of two land plots and issuance of new shares in favor of Alinma Bank by increasing the former’s capital. It submitted on Dec. 21 a request for CMA’s approval on the capital increase by converting the outstanding debts owed to Alinma Bank.