Publication Date:
Sun, 2011-12-18 01:35
"The variables of current and future mechanisms of the paper pulp market made it difficult to reach a decision that would create added value for shareholders," Saudi Paper said in a statement posted on the bourse website.
Morocco's state-owned fund CDG Development said in April it was discussing a deal to sell a majority stake in North Africa's biggest paper pulp maker to Saudi Paper.
The agreement would have valued Cellulose du Maroc at up to 620 million Moroccan dirhams ($72.6 million), the fund said then.
Saudi Paper's stock closed 1.1 percent up on Saturday after it announced the cancellation of the plans. The all-share index gained 0.2 percent.
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