MEPCO becomes first Saudi firm to join Closir

Tadawul-listed The Middle East Paper Co. (MEPCO) has become the first Saudi company to join Closir, a global platform connecting companies directly with investors.

The paper manufacturer's engagement comes at a time when the Saudi equity market is in the spotlight for global investors, having been upgraded to "Emerging Market" status by index providers MSCI and FTSE Russell.  

Closir is a technology platform that connects listed companies in emerging markets to institutional investors, allowing them to approach targets and organize meetings, roadshows and virtual conferences. It is used by major institutional investors, including mutual, sovereign, pension, hedge funds,  across financial centres in Europe, United States and Asia, as well as leading listed companies in emerging markets.

Dr. Mohamed Saleh Darweesh, chief financial officer, MEPCO, said joining the Closir platform will enable the company to increase corporate access for the global investment community.

“Having delivered improved performance during the last 12 months, we’ve focused on bringing our IR activities in line with international best practice.

“We have engaged more meaningfully with investors and analysts within Saudi Arabia and further afield, through conference participation, one-on-one engagements, briefings, and enhancements to our IR tools and reporting mechanisms," he added.

MEPCO reported a net profit of SAR 57 million for H1 2018, an increase of 166 percent year-on-year.