Logo of Middle East Paper Co. (MEPCO)
Middle East Paper Co. (MEPCO) said that the Public Investment Fund (PIF) will start subscription to MEPCO’s newly issued shares from Jan. 1-3, 2024, according to a statement to Tadawul.
The financial advisor, in consultation with the company, can extend the offering period, MEPCO added in a statement to Tadawul.
Earlier this month, the paper manufacturer issued its prospectus for offering new shares worth about SAR 630 million while suspending a rights issue, Argaam reported.
In August, MEPCO signed a binding subscription agreement with the Kingdom’s sovereign wealth fund to buy nearly 20 million new ordinary shares of the company.
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Capital Hike Details |
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Current Capital |
SAR 666.67 mln |
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Current Number of Shares |
66.67 mln |
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Capital increase (%) |
30% |
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New Capital |
SAR 866.67 mln |
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Number of Shares after Increase |
86.67 mln |
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Share Offering Key Details |
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Offered Shares |
20 mln |
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Offer Price |
SAR 31.5 |
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Issue Size |
SAR 630 mln |
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Offer Proceeds |
Paper production plant (PM5) |
Land allocation |
50.00 |
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Main equipment contracts |
124.81 |
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PM5 Subtotal |
174.81 |
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Tissue production plant (TM6) |
Main equipment contracts |
90.00 |
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Building construction |
40.00 |
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Equipment installation |
23.98 |
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TM6 Subtotal |
153.98 |
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Acquisition of a set of assets and shares of existing establishments operating in the field of manufacturing and supply of corrugated cardboard to achieve forward integration acquisition |
291.12 |
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Offering costs |
10.09 |
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Total |
630.00 |
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Additional Information |
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Financial Advisor & Lead Manager |
SNB Capital |
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