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Riyadh – The extraordinary general assembly of the Saudi Paper Manufacturing Company has approved the recommendation of reducing the company’s capital by 62.45%.
The company’s capital will be SAR 92 million instead of SAR 245 million, according to a bourse statement on Tuesday.
The decision comes along with the company’s plan to offset the accumulated losses through cancelling 15.3 million shares.
It is worth noting that Saudi Paper suffered SAR 24.22 million losses during the third quarter of 2019, 35% lower than SAR 37.27 million in the quarter of 2018.
Source: Mubasher
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