MEPCO shareholders to vote on capital hike on Dec. 28

Logo of  Middle East Paper Co. (MEPCO)

Middle East Paper Co. (MEPCO) shareholders will vote on the board's recommendation to increase capital from SAR 666.67 million to SAR 866.67 million, through issuing 20 million shares, without preferential subscription rights, during an extraordinary general assembly meeting, scheduled to be held on Dec. 28, the company said in a statement to Tadawul.

 

Capital Increase Details

Current Capital

SAR 666.67 mln

Number of shares

66.67 mln

Percentage of Capital Increase

30%

Method

Issuing 20 million ordinary shares at SAR 10 par value each, and an offer price of SAR 31.50 per share “new shares”, at a total subscription amount of SAR 630 million.

New Capital

SAR 866.67 mln

Number of Shares after Increase

86.67 mln

Record Date

The Public Investment Fund shall have the right to subscribe on the day of the EGM that decides to increase the capital by offering shares while suspending preferential right.
 

The company added that the new shares will be fully subscribed by the Public Investment Fund (PIF), so that PIF ownership will be 23.08% in the company after the capital increase.

 

MEPCO obtained, on Dec. 4, the Capital Market Authority’s (CMA) approval to increase its capital through issuing about 20 million new shares and suspending preferential rights worth SAR 630 million. 

 

In May, the company inked a memorandum of understanding (MoU) with the Public Investment Fund (PIF), under which the latter will subscribe to the new shares at SAR 31.50 each, representing a significant minority stake.

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