FIPCO shareholders reject SAR 115 mln rights issue proposal

Logo of Filing and Packing Materials Manufacturing Co. (FIPCO)

Filing and Packing Materials Manufacturing Co.’s (FIPCO) shareholders disapproved the board’s recommendation to increase the company’s capital through offering rights issue shares worth SAR 115 million, during the extraordinary general meeting held May 9.

In a statement to Tadawul, FIPCO said that the company’s Articles of Association will remain unchanged.

In November 2022, the Capital Market Authority (CMA) approved, FIPCO’s request to increase capital through SAR 115 million rights issue, Argaam earlier reported.

Capital Hike Details
Current Capital	SAR 115 mln
Number of Shares	11.5 mln shares
Percentage Increase	100% (one share for every one share held)
New Capital	SAR 230 mln
Number of Shares	23 mln shares

Rights Issue Details
Offered shares	11.5 mln shares
Offer price	SAR 10
Size of issue	SAR 115 mln
Eligibility ratio	Each listed shareholder shall have the right to subscribe to one share per each owned share.
Rights issue proceeds	Investment expansions	SAR 49 mln
	Repayment of loans	SAR 30 mln
	Financing working capital	SAR 32 mln
	Offering costs	SAR 4 mln

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