Riyadh – Mubasher: The board of Saudi Paper Manufacturing Company has recommended on 18 October to increase the capital through a rights issue.

The company plans to raise the capital by SAR 145 million to support its expansion plans and future business, according to a bourse disclosure on Monday.

Approvals of concerned official bodies and the extraordinary general meeting (EGM) are still needed for the capital hike process.

Saudi Paper will later announce the appointment of the financial advisor for this transaction.