The board of directors of Saudi Paper Manufacturing Co. advised a 46.67 percent capital reduction to SAR 240 million (from SAR 450 million) to offset accumulated losses, the company said in a stock market filing.
The corporate action is pending shareholder and regulatory approvals.
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Capital Reduction Details |
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Current capital |
SAR 450 mln |
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Shares outstanding |
45 mln shares |
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Reduction (%) |
46.67% (0.933 for every 2 shares) |
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New capital (Post reduction) |
SAR 240 mln |
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New number of shares |
24 mln shares |
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Method |
Cancellation of 21 million shares |
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Rationale |
Offsetting accumulated losses of SAR 210 mln |
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