The Saudi Paper Manufacturing Company announces the latest developments for the company's (previous) announcement that a suspicion of fraud was discovered in the company's accounting entries during 2017.

06 January 2022 09:53 AM

SPM 2300 105.20% 75.00 38.45

Element List	Explanation
Introduction	Reference to the company’s announcement published on the Tadawul website on 05/01/2022, which includes the issuance of a final judicial ruling by the Court of Appeal in Riyadh in Case No. (411368592) confirming the judgment issued in favor of the company in the case of selling the company’s lands, obligating the buyer to pay an amount of 17,300,000 riyals in favor of the Saudi Paper Manufacturing Company . The company’s management would like to clarify to the shareholders the initiation of procedures to recover their rights against the executor against him (the buyer), as the application for execution was submitted to the Execution Court in Riyadh and the application was registered in the number: 401024300151996 Any developments in this regard will be announced later.
Previous Announcement	The Saudi Paper Manufacturing Company announces the latest developments of the Saudi Paper Manufacturing Company’s announcement that a suspicion of fraud has been discovered in the company’s accounting entries during the year 2017.
Date of Previous Announcement on Tadawul's Website	2022-01-05 Corresponding to 1443-06-02
Percentage of fulfilled achievement	no more
Event's Expected Completion Date	Not applicable, according to the procedures in the competent authorities
Reasons for Exceeding the Announced End Date	do not apply
The costs associated with the event, and if they have changed or not with indication of the reasons.	The impact will be positive on the company's financial statements by adding profit of 17,300,000 riyals
Impact of the Delay on the Company's Financial Results	no more
Additional Information	Awaiting the procedures of the execution court to execute the judgment in accordance with the procedures followed

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