Logo of Middle East Paper Co. (MEPCO)

Middle East Paper Co.’s (MEPCO) board of directors recommended today, Aug. 14, increasing the company’s capital by 33%, through distributing one bonus share for every three shares held, according to a bourse filing.

 

Capital Increase Details

Current Capital

SAR 500.00 mln

Number of Shares

50.00 mln

Percentage of Increase

33%

Method

Issuance of one bonus share for every three shares held via the capitalization of SAR 166.67 mln of retained earnings

New Capital

SAR 666.67 mln

Number of Shares

66.67 mln

Reason

Support the company's financial position and future growth plans

Record Date

 

Shareholders of record at the end of trading on the day of the extraordinary general assembly meeting (EGM), the date for which will be determined later. This is in addition to those registered with the Securities Depository Center Co. (Edaa) at the end of the second trading day following the EGM date.
 

The capital increase and the bonus share distribution are subject to the approval of the competent authorities as well as the company's EGM.

 

Fractional shares, if any, will be accumulated into one investment portfolio and will be sold at market price within 30 days on a pro-rata basis from the date of determining the allocation of new shares for each shareholder, the company noted.

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