MEPCO’s shareholders approve 7.5% dividend for FY16

Middle East Paper Co.’s (MEPCO) shareholders approved on Tuesday a 7.5 percent cash dividend (SAR 0.75 per share) for the fiscal year 2016.

Shareholders also authorized the board of directors to set up employee stock program and amending it as needed. The board will purchase the stocks in one or more stages within 12 months from the general assembly’s approval.

A maximum of 300,000 stocks could be purchased by the board and may be financed from the company’s profit or any external sources, the company said in a bourse statement.