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Corrective announcement from the Saudi Paper Industry Company regarding its previous announcement of the latest developments for the company’s announcement that a suspicion of fraud in the company’s accounting entries was discovered during 2017

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Element List Explanation
Date of Publishing the Previous Announcement Sought to be Corrected on Tadawul's Website 2021-09-16 Corresponding to 1443-02-09
URL of the Previous Announcement Click Here
Incorrect statements in the previous announcement Reference to the company’s announcement published on the Tadawul website on 12-01-1442 AH corresponding to 08-31-2020 AD, which represents the year 2017 is preferred in 2017, regarding the sale of the company’s lands, and based on the statistics, see the rights of the company, and based on the rights of the company, see the rights of the company Case No. (411368593) and the ruling stipulates that Case No. (411368593), Case No. (411368593), Case No. 17,300,000 riyals (seventeen million three hundred thousand riyals) is obligatory for the Saudi Paper Manufacturing Company.

Note that this amount was adjusted in 2017, business intelligence in 2017, and based on a good story, the company's explanation, the company and its board of directors clarification that they will not back down in their business naturally in this matter.

Correct Statement A reference to the company’s announcement published on the Tadawul website on 12-01-1442 AH corresponding to 08-31-2020 AD, which indicates that there is a suspicion of fraud in the 2017 financial statements regarding the sale of the company’s land and based on the legal measures taken to preserve the rights of the company and the rights of shareholders, the company explains that it has received a letter From her lawyer stating that a preliminary judicial ruling was issued by the General Court in Riyadh in Case No. (411368593) and the judgment obligates the defendant (the buyer) to pay an amount of 17,300,000 riyals (seventeen million three hundred thousand riyals) to the Saudi Paper Manufacturing Company.

Note that this amount has been processed in the company’s books in 2017, and the impact will be positive on the company’s financial statements by adding a profit of 17,300,000 riyals when the amount is collected. The company and its board of directors make it clear that it will not hesitate to take the necessary legal measures to preserve the rights of its shareholders. Any developments in this regard will be announced later

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