Saudi Paper gets CMA nod for capital cut

23/05/2018 Argaam

 

Saudi Arabia’s Capital Market Authority (CMA) has approved Saudi Paper Manufacturing Company's request to decrease its capital to SAR 245 million from SAR 450 million, the regulator said in a bourse filing on Wednesday.

 

Accordingly, the number of shares will decrease to 24.5 million shares after 45 million shares.

 

The capital cut is subject to the approval of the extraordinary general meeting and the required regulatory procedures.

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