Logo of MEPCO
The Capital Market Authority (CMA) approved an application from Middle East Paper Co. (MEPCO) to increase its capital from SAR 500 million to SAR 666.67 million, the market regulator said in a statement.
The capital will be raised through the issuance of one bonus share for every three shares held by shareholders registered in the Securities Depository Center (Edaa) by the close of the second trading day after the record date, to be determined later by MEPCO's board.
CMA added that such increase will be paid by transferring an amount of SAR 166.67 million from retained earnings account to the company's capital.
The regulator stated that the company's extraordinary general assembly meeting (EGM) should be held within six months from this approval date, provided that the company shall satisfy all regulatory requirements and applicable laws.
Last August, MEPCO's board approved a 33% capital increase by 1-for-3 bonus share distribution.
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Capital Increase Details |
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Current Capital |
SAR 500 mln |
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Number of Shares |
50.00 mln |
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Percentage of Increase |
33% |
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Method |
Capitalization of SAR 166.67 mln of retained earnings |
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New Capital |
SAR 666.67 mln |
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Number of Shares |
66.67 mln |
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Reason |
Support the company's financial position and future growth plans |
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Record Date
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Shareholders at the end of trading on the day of the company’s EGM, the date for which will be determined later, and those registered with the Securities Depository Center Co. (Edaa) at the end of the second trading day following the EGM |
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