MEPCO gets favorable first-instance judgment against MEWA

04/01/2024 Argaam
Logo ofMiddle East Paper Co. (MEPCO)

Logo of Middle East Paper Co. (MEPCO) 

Middle East Paper Co. (MEPCO) announced that the Jeddah Administrative Court issued a first-instance judgment in its favor in a lawsuit against the Ministry of Environment, Water and Agriculture (MEWA), Makkah Region Branch, to annul the decision of the minutes of the Estimation Committee dated March 2, 2023.

 

In a statement to Tadawul, the company pointed out that the annulled decision estimated the compensation at SAR 2.6 million.

 

The statement added that the company will continue its regulatory procedures to preserve the rights of its shareholders.

 

According to data available on Argaam, MEPCO announced in September 2023 the filing of a lawsuit against MEWA-Makkah Region Branch in Jeddah Administrative Court to reassess the fair compensation in accordance with the fair value as indicated in the real estate appraiser's report for the period between the expropriation of the company's property and the disbursement of compensation by the ministry.

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