Saudi Paper Manufacturing Co. (SPM) has submitted on Sunday to the Capital Market Authority (CMA) a request to cut capital, the company said in a bourse statement.
Any relevant updates will be announced later, the statement added.
The company’s board of directors amended its recommendation to cut capital by 62.45 percent to SAR 92 million to offset losses in Q3 2019, Argaam reported.
The paper manufacturer incurred net losses of SAR 24.2 million in Q3 2019. Its accumulated losses reached SAR 153.41 million, or 62.6 percent of capital.
Last month, SPMC’s board of directors recommended capital hike through SAR 150 million rights issue following a capital cut.
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Key Developments of SMPC’s Capital |
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2008 |
The capital was raised from SAR 240 mln to SAR 300 mln through 25 percent bonus share distribution |
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2012 |
The capital was raised from SAR 300 mln to SAR 375 mln through 25 percent bonus share distribution |
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2014 |
The capital was raised from SAR 375 mln to SAR 450 mln through 20 percent bonus share distribution |
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2018 |
The capital was cut by 45.56 percent from SAR 450 mln to SAR 245 mln through cancelling 20.5 mln shares |
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