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Riyadh – The Capital Market Authority (CMA) has approved the Saudi Paper Manufacturing Company’s request to reduce its capital to SAR 92 million instead of SAR 245 million.
This approval is conditional on the Company’s extraordinary general assembly approval and completion of the necessary procedures in relation to the applicable regulations, according to CMA’s statement on Thursday.
It also means that the regulatory requirements as per the Capital Market Law and its Implementing Regulations have been met.
On 13 October, the company’s board submitted a request to the CMA to reduce its capital.
Source: Mubasher
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