MEPCO shareholders approve 33.3% capital increase via bonus issue

Logo of Middle East Paper Co. (MEPCO)

Middle East Paper Co.’s (MEPCO) shareholders approved the board’s recommendation to increase capital by 33.3%, by granting one bonus share for every three shares held, during the extraordinary general meeting (EGM) held on Nov. 24, according to a statement to Tadawul.

Capital Increase Details
Current Capital	SAR 500 mln
Number of Shares	50 mln
Percentage of Increase	33.3%
Method	One bonus share for every three shares held, by the capitalization of SAR 166.67 million from retained earnings.
New Capital	SAR 666.67 mln
Number of Shares	66.67 mln
Reason	Supporting the company’s financial position and growth plans
Record Date	Nov. 24, 2022, shareholders registered with Edaa on the second trading day following the record date

In August, MEPCO’s board of directors recommended increasing the company’s capital by 33%, through distributing one bonus share for every three shares held, Argaam earlier reported.

Fluctuation limits will be based on a share price of SAR 29.40 on Nov. 27, and the outstanding orders will be canceled. Furthermore, the Securities Depository Center (Edaa) will deposit the addition shares into the investor’s portfolios by Nov. 29.

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MEPCO board recommends 33% capital increase via bonus shares

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