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

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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