The Saudi Stock Exchange (Tadawul) announced that the subscription period and rights trading for Saudi Paper Manufacturing Co. (SPM) will start tomorrow, Dec. 14.

 

Rights trading will end on Dec. 21, and subscription to the new shares will close on Dec. 24.

 

Rights holders are entitled to subscribe to the new shares partially or fully on a pro rata basis. Unsubscribed shares, and share fractions, will be offered to institutional investors.

 

Last Wednesday, the Securities Depository Center Co. (Edaa) deposited Saudi Paper’s tradable rights into the accounts of eligible securities’ holders, Argaam reported.

 

The company’s shareholders approved the board of directors’ recommendation to increase the company’s capital from SAR 92 million to SAR 192 million through a SAR 100 million rights issue.

 

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