Saudi Printing shareholders approve use of reserve to extinguish accumulated losses

Logo of Saudi Printing and Packaging Co. (SPPC)

Saudi Printing and Packaging Co.’s (SPPC) shareholder approved the board recommendation to use the entire statutory reserve of SAR 78.64 million to absorb a part of the company’s accumulated losses of SAR 105.83 million, or 17.64% of the capital, as in the financial statements for H1 2023.

In a statement to Tadawul, SPPC said the approval came during the extraordinary general meeting held on Sept. 10.

Shareholders also approved the board proposal to use a part of the agreement reserve, amounting to SAR 30.1 million, to extinguish the entire remaining accumulated losses of SAR 27.2 million (after the use of the entire statutory reserve), as in the financial statements for the period ending on June 30, 2023.