Saudi Paper board recommends capital increase through SAR 145 mln rights issue

Logo of Saudi Paper Manufacturing Co.

Saudi Paper Manufacturing Co.'s (SPM) board of directors approved today, Oct. 18, increasing the company's capital through rights issue worth SAR 145 million.

The company said in a bourse filing that the capital hike aims to support the expansion activities and provide working capital to increase operational capacity and support future activities.

Eligibility for the rights issue will be for shareholders of record on the date of the extraordinary general assembly meeting (EGM), during which the capital increase is approved, and those registered at the Securities Depository Center (Edaa) at the end of the second trading day following the date of the EGM.

Announcements will be made about appointing a financial advisor, submitting the capital increase application file to the Capital Market Authority (CMA) for approval, and about any future developments in this regard.

The capital increase is pending the approval of the EGM and the related official authorities.