Saudi Paper’s shareholders to vote on capital cut on Sept. 10

15/08/2018 Argaam

 

Saudi Paper Manufacturing Co.’s shareholders are set to vote on a 45.56 percent capital cut to SAR 245 million from SAR 450 million, on Sept. 10, 2018.

 

Key Figures of the Capital cut

Current Capital

SAR 450 mln

Number of shares

45 mln shares

Hike (%)

45.56% (0.911 for every 2 shares)

New Capital

SAR 245 mln

New number of shares

24.5mln shares

Method

Writing off 20.5 mln shares

Deriver

Restructuring capital to offset accumulated losses of SAR 205 mln

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