Saudi Paper shareholders’ to vote on reducing capital by 62%

22/10/2019 Argaam

 

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.

Comments {{getCommentCount()}}

Be the first to comment

{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
{{comment.Replies.length}}
تعديل
loader Train
Report
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.