Saudi Paper Manufacturing Co.’s (SPM) subscription to new shares and rights trading begins today, Dec. 14, to increase capital from SAR 92 million to SAR 192 million.

 

Rights trading will end on Monday, Dec. 21, while the subscription to new shares will close on Thursday, 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.

 

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.

Start of rights issue trading

Dec. 14, 2020

End of rights issue trading

Dec. 21, 2020

Start of subscription to new shares

Dec. 14, 2020

End of subscription to new shares

Dec. 24, 2020

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

 

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