Riyadh – Saudi Printing and Packaging Company has submitted an application file to the Capital Market Authority (CMA) for approval to increase its capital through the conversion of outstanding debts owed to Alinma Bank, according to a bourse filing.

This follows the board's recommendation on 5 November 2024 to raise capital by SAR 73.60 million through debt conversion into ordinary shares in Saudi Printing in favour of Alinma Bank.

EFG Hermes KSA has been appointed as the financial advisor to manage the capital increase process, which aims to boost liquidity ratios and financial indicators besides enhancing growth capacity.

In the first nine months (9M) of 2024, Saudi Printing posted a 10.77% decline in revenue to SAR 541.69 million. Meanwhile, the net losses widened by 129.11% to SAR 131.40 million.

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