Shareholders of Saudi Paper Manufacturing Co. (SPM) will vote at the extraordinary general assembly (EGM), which is set to convene on October 29, to reduce the capital by 62.45 percent from SAR 245 million to SAR 92 million, the company said in a statement to Tadawul on Tuesday.

 

The reduction in the capital aims to amortize accumulative losses, and support future growth, it added.

 

The company plans to annul 15.3 million shares, bringing the total number of shares following the reduction to 9.2 million shares from 24.5 million.

 

The EGM will also vote on amending clauses 7 and 8 of the article of association.

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