Riyadh – Mubasher: The Saudi Paper Manufacturing Company said a total of 9.403 million shares from the new offered shares have been subscribed at a value of SAR 94 million.

The company's rights issue was subscribed by 94.04%, according to a stock exchange statement on Sunday.

The rump shares, totalling 596,414 shares, will be reoffered to some institutional investors, where they will submit purchase offers. The remaining shares will be allocated to investment institutions on a pro-rata basis; with priority given to those offering higher prices, provided that the prices are not less than the offering price.

The remaining share amount, if any, will be purchased by the underwriter at the offering price. 

The reoffering process will take place from 29-30 December 2020.