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.
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Capital Increase Details |
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Current Capital |
SAR 500 mln |
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Number of Shares |
50 mln |
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Percentage of Increase |
33.3% |
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Method |
One bonus share for every three shares held, by the capitalization of SAR 166.67 million from 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 |
Supporting the company’s financial position and growth plans |
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Record Date
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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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