Saudi Paper's board advises capital cut to offset losses

10/04/2018 Argaam

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.

 

Capital Reduction Details

Current capital

SAR 450 mln

Shares outstanding

45 mln shares

Reduction (%)

46.67% (0.933 for every 2 shares)

New capital (Post reduction)

SAR 240 mln

New number of shares

24 mln shares

Method

Cancellation of 21 million shares

Rationale

Offsetting accumulated losses of SAR 210 mln

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