SPM says deadline to decide on accumulated losses is Nov. 13

Saudi Paper Manufacturing Co. (SPM) said a general assembly meeting should be held to make a decision regarding the accumulated losses within 45 days from the board’s losses notification which ends on Nov. 13, 2019.

Shall the general assembly fail to hold a meeting before this deadline or fail to make a decision to address the losses, the company will be dissolved by the force of law according to the corporate law, the company said in a bourse statement.

SPM urged its shareholders to attend the meeting or vote online on the meeting agenda to avoid the company’s liquidation.

The Saudi-listed company invited its shareholders to attend an extraordinary general assembly meeting on Oct. 29, 2019 to vote on a 62.4 percent capital cut from SAR 245 million to SAR 92 million, Argaam reported earlier.