Saudi Paper Manufacturing Co. (SPM) issued prospectus for its SAR 100 million rights issue through offering 10 million shares, the company said in a bourse filing on Thursday.

 

The offering price was set at SAR 10 per share, to increase capital from SAR 92 million to SAR 192 million.

 

On Oct. 6, the Capital Market Authority (CMA) approved SPM’s request to increase its capital by SAR 100 million, Argaam reported.

 

Key Figures of the Capital Hike

Current Capital

SAR 92 mln

Number of shares

9.2 mln shares

Hike (%)

108.7%

New capital

SAR 192 mln

Number of shares after increase

19.2 mln

Key Figures of the Rights Issue

Number of rights issue shares

10 mln shares

Issue price

SAR 10

Issue size

SAR 120 mln

Record date

End of second trading day after the extraordinary general meeting date.

Use of proceeds

To purchase raw materials that are tree pulp to feed the company's production lines, rebuild assets to improve production quality, purchase machines to increase the amount of production and repay part of the bank loans

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