Saudi Paper to refund SAR 14.7 mln to rights holders of unsubscribed shares

Logo of Saudi Paper Manufacturing Co.

Saudi Paper Manufacturing Co. (SPM) said SAR 14.747 million in refunds will be deposited in the accounts of rights holders who did not subscribe to the new shares on Nov. 29, according to a statement to Tadawul.

The company will deposit the amount in the bank accounts of eligible rights holders who did not subscribe to new shares and are entitled to fractional shares.

Saudi Paper shareholders approved on Oct. 17 the board of directors' recommendation to increase capital by 75.52% to SAR 337 million from SAR 192 million through a SAR 145 million rights issue.