Riyadh – Mubasher: The Saudi Capital Market Authority (CMA) has approved Saudi Paper Manufacturing Company’s (SPMC) request to trim the capital to SAR 245 million from SAR 450 million. SPMC’s shares will decrease to 24.5 million shares from 45 million shares.

The CMA has stated the capital reduction will be subject to the extraordinary general meeting’s (EGM) approval, according to a statement to the Saudi Stock Exchange (Tadawul) on Wednesday.

On 15 May, SPMC submitted a request to the CMA to reduce its capital.

The Saudi paper manufacturer had previously reported turning profitable after posting SAR 4.7 million in the first quarter of 2018, against incurring a loss of SAR 6.3 million in the same quarter a year earlier.