MEPCO shareholders approve withholding FY2019 dividend

Middle East Paper Co.’s (MEPCO) shareholders approved a board recommendation to withhold cash dividend for the fiscal year 2019, during the ordinary general assembly meeting held on June 7, 2020, the company said in a bourse statement.

Shareholders also delegated the company’s board of directors to distribute cash dividend for the fiscal year 2020 on a quarterly or semi-annual basis.

In March, MEPCO’s board of directors recommended withholding dividend for FY2019 in order to support future growth of business activities and maintain solvency margin, according to data compiled by Argaam.