Saudi Paper Manufacturing recovers factory of its subsidiaries in Morocco

The Saudi Paper Manufacturing Company management said on Thursday that it had received a letter from its lawyer on 01/26/2022 stating that Saudi Investment and Industrial Development Company (one of the company’s subsidiaries) had been recovered and its possession (full ownership) returned to the Saudi Paper Manufacturing Company after a legal dispute extending from 2019, and it was received in the presence of both the company’s lawyers And a judicial commissioner from the Commercial Court and in the presence of an engineering expert.

This comes in reference to the company’s announcement on (Tadawul) website on 09/09/2020 and 01/08/2021, which includes the issuance of a court ruling in its favor by the Commercial Court of the Kingdom of Morocco, which terminates the customary sale contract signed between the buyer and the Saudi Investment and Industrial Development Company (one of the company’s subsidiaries).

“Work is under process to file a claim with the judicial authorities to claim compensation and expenses from the defendants, based on the judgment issued against them.” The company said.

The company’s management also assured its shareholders that it will not hesitate to take the necessary legal measures to preserve its interests and the rights of its shareholders.

It added that the factory was fully recovered and the ownership of the subsidiary company returned, and work is underway to file a claim to the judicial authorities to claim compensation and expenses from the defendants based on the judgment issued against them. The estimated time is subject to the judicial regulations in force in the Kingdom of Morocco.