Riyadh – Mubasher: The boar of directors of Saudi Paper Manufacturing Company (Saudi SPMC) has amended its capital cut recommendation to 62.45% to be SAR 92 million instead of SAR 245 million.

The total number of shares will be 9.20 million instead of 24.50 million shares, according to a bourse filing to the Saudi Stock Exchange (Tadawul) on Thursday.

The decision comes on the back of suffering losses during the third quarter of 2019.

Net losses after zakat and tax retreated by 35% to SAR 24.22 million in Q3-19, compared to SAR 37.27 million in Q3-18.

However, the Saudi-based company noted that the move will not affect its liabilities, adding that the capital cut is pending approval from the general assembly and regulator.

In September, the company’s board recommended cutting the company’s capital by 39.2%.