Riyadh – The Saudi Paper Manufacturing Company’s shareholders greenlighted a SAR 145 million (75.52%) capital hike to SAR 337 million from SAR 192 million, according to a bourse filing.

In order to carry out the raise process, the Tadawul-listed firm will offer 14.50 million shares in a rights issue at a nominal value of SAR 10 per share.

Meanwhile, the new capital will be distributed over 33.70 million shares, instead of 19.20 million shares.

The capital hike aligns with Saudi Paper’s expansion and future plans to finance its working capital and increase operational capacity.

It is worth noting that the shareholders granted their approval for the transaction during the extraordinary general meeting (EGM) that was held on 17 October 2022.

Last September, the Capital Market Authority (CMA) passed the company’s capital increase.

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