The timing of Middle East Paper Co’s (MEPCO) initial public offering is dependent on the company’s performance, rather than the imminent opening of the Saudi market to foreign investors, said Sami Al-Safran, chief executive of the company.
“Our market share stands at 18 percent,” he told CNBC Arabia in a phone call.
The paperboard manufacturer is planning to add a new production line to raise output to 775,000 tons in 2018. MEPCO’s current investments are estimated at SAR 1.5 billion.
 
The company maintained average exports at 35 percent of total production to North and East Africa, the Levant, the GCC countries, South Asia, and most recently the United Kingdom.
However, the Saudi market contributes a major part of MEPCO’s revenues, Al-Safran added.
According to data compiled by Argaam, MEPCO’s retail offering of six million shares started on April 8 and will continue to April 14.

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