SPPC shareholders OK business continuity

SPPC EGM approves business continuity; accumulated losses reach half of the share capital

Saudi Printing and Packaging Co.’s (SPPC) shareholders approved the board’s recommendation to continue the company’s operations after its accumulated losses have reached half of the share capital.

The approval was given in an extraordinary general meeting (EGM) on Oct. 7, according to a statement to Tadawul.

SPPC highlighted that the board proposal aligned with Article (132) of the Companies Law.

Shareholders further agreed to review the board’s plan to address the loss and improve the capital structure, the statement added.

In May, the company’s board recommended reducing the company’s capital after completing the capital increase process to bring accumulated losses below 50% of capital, according to data available on Argaam.

In November 2024, SPPC signed an agreement to settle all outstanding debt owed to Alinma Bank through transferring two land plots and issuing new shares to Alinma Bank as part of the company’s capital increase.

By the end of H1 2025, SPPC accumulated losses amounted to SAR 376.69 million, representing 62.78% of capital.