Shareholders of Saudi Paper Manufacturing Co. (SPM) will vote on capital increase through SAR 100 million rights issue in the extraordinary general meeting scheduled for Dec. 6, the company said in a bourse statement.
On Oct. 6, the Capital Market Authority (CMA) approved SPM’s request to raise its capital by SAR 100 million, Argaam reported.
|
Key Figures of the Capital Hike |
|
|
Current Capital |
SAR 92 mln |
|
Number of shares |
9.2 mln shares |
|
Hike (%) |
108.7% |
|
New capital |
SAR 192 mln |
|
Number of shares after increase |
19.2 mln |
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Key Figures of the Rights Issue |
|
|
Number of rights issue shares |
10 mln shares |
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Issue price |
SAR 10 |
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Issue size |
SAR 100 mln |
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Record date |
By the close of the second trading day after the extraordinary general meeting date. |
|
Use of proceeds |
To purchase raw materials, namely tree pulp to feed the company's production lines, rebuild assets to improve production quality, purchase equipment to boost production and repay part of the bank loans |
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