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Saudi Paper requests capital cut

Saudi Paper requests capital cut
The total number of shares will be 9.20 million
SPM
2300
-0.27% 36.55 -0.10

Riyadh – Mubasher: The board of directors of Saudi Paper Company has submitted a request to the Capital Market Authority (CMA) to reduce its capital.

The company will provide further data on time, according to a filing to the Saudi Stock Exchange (Tadawul) on Sunday.

On Thursday, the company’s board 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.

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