BOD of SPM has recommended a capital increase through bonus shares

18/02/2014 10:10 AST

Saudi Paper Manufacturing Co. announces that the Board of directors on his meeting 17-02-2014 has recommended to extraordinary general assembly meeting to increase the company's capital through bonus shares as following:

1.Company's capital before increase is SAR 375 Millions, company's capital after increase SAR 450 Millions, with an increase by 20%. 2.The number of shares before increasing 37.5 Millions shares, the number of shares after increasing 45 Millions shares. 3.Offering 1 bonus shares for every 5 shares owned. 4.The increasing will be doing through capitalization SAR 75 Millions from account Retained Earnings 5.The company aimed from capital increasing to The purpose of capital increase is to fund future expansions as per company strategic plans. 6.The bonus shares is limited to the shareholders who are registered in the shareholder's register in the Securities Depository Center (Tadawul) at the close of trading on the extraordinary general assembly day, which will be determined later by the company. 7.In cause have bonus shares fractions; the company will collect it in one portfolio then selling it during 30 days from finishing allocating the new shares. The proposed increase in capital would be initiated only once necessary approvals are received from official authorities as well as from shareholders in extraordinary general assembly meeting.


Tadawul

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