Saudi Paper shareholders approve capital hike to SAR 192 mln via rights issue

07/12/2020 Argaam

Shareholders of Saudi Paper Manufacturing Co. (SPM) approved the capital increase through SAR 100 million rights issue in the extraordinary general meeting held on Dec. 6, the company said in a bourse statement.

 

On Oct. 6, the Capital Market Authority (CMA) approved SPM’s request to raise its capital by SAR 100 million, Argaam reported.

 

Key Figures of the Capital Hike

Current Capital

SAR 92 mln

Number of shares

9.2 mln shares

Hike (%)

108.7%

New capital

SAR 192 mln

Number of shares after increase

19.2 mln

Key Figures of the Rights Issue

Number of rights issue shares

10 mln shares

Issue price

SAR 10

Issue size

SAR 100 mln

Record date

By the close of the second trading day after the extraordinary general meeting date.

Use of proceeds

To purchase raw materials, mainly tree pulp to feed the company's production lines, rebuild assets to improve production quality, purchase equipment to boost 
production and repay part of the bank loans
     
Meanwhile, the company’s daily trading fluctuation limit after its capital hike will be based on a share price of SAR 56.50 as of today, Dec. 7, 2020.

 

All the outstanding orders will be canceled.

 

The Securities Depository Center (Edaa) will deposit the additional rights into the investor’s portfolios by Dec. 9, 2020, the statement added.

 

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