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CMA greenlights FIPCO’s capital hike via rights issue

CMA greenlights FIPCO’s capital hike via rights issue
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Riyadh – Mubasher: The Capital Market Authority (CMA) approved Filing and Packing Materials Manufacturing Company’s (FIPCO) request to increase the capital through a rights issue worth SAR 115 million.

According to the latest data on the Saudi Exchange (Tadawul) FIPCO’s capital currently amounts to SAR 115 million. Therefore, the capital will stand at SAR 230 million after the raise process. 

The firm submitted the capital hike file to the CMA on 9 August 2022 following the board’s recommendation last February, according to a bourse disclosure.

It is noteworthy to mention that Al Wasatah Al Maliah Company (Wasatah Capital) acts as the financial advisor for the transaction.

In the first nine months (9M) of 2022, FIPCO turned to net profits after Zakat and tax worth SAR 3.50 million, against net losses of SAR 10.20 million in the year-ago period.

Revenues amounted to SAR 196.70 million during January-September 2022, higher by 21.20% year-on-year (YoY) than SAR 162.30 million.

The earnings per share (EPS) stood at SAR 0.30 in 9M-22, versus a loss per share of SAR 0.89 in 9M-21.