Riyadh – Mubasher: The extraordinary general meeting (EGM) of Saudi Paper Manufacturing Company approved to raise the capital by 108.7% or SAR 100 million to SAR 192 million from SAR 92 million by offering priority rights.

The number of the company's shares will increase by 10 million to 19.2 million from 9.2 million, according to the company's disclosure to the Saudi Stock Exchange (Tadawul) on Monday.

By increasing the capital, the company aims to purchase raw materials to feed production lines, rebuild its assets to improve production quality, and pay off part of the bank loans.

The company's EGM has also agreed on the works and contracts with the East Gas Company to supply gas to the company's plant in the second industrial city in Dammam.

In 2019, the value of the transactions amounted to SAR 6.78 million.