MEPCO begins trading on Tadawul

Shares of Middle East Paper Co. (MEPCO) began trading on the Saudi Stock Exchange (Tadawul) Sunday under code 1202, making it the first company to list on Tadawul this year. 

The stock fluctuation limit will stand at 10 percent, according to a statement posted on Tadawul.

The move brings the number of listed firms in the industrial investment sector to 15 and the total number of listed stocks on the exchange to 169, including suspended shares.

The company offered 30 percent of capital, or 15 million shares, in an initial public offering (IPO) towards the end of April, according to reports published by Argaam.

MEPCO’s IPO was 473 percent oversubscribed by 1.34 million retail investors for SAR 851.4 million.

MEPCO is currently the largest manufacturer of paperboard in the Middle East and North Africa (MENA) located in the Red Sea port city of Jeddah.

In May 2013, the market regulator defined the fluctuation limit of stocks on debut at 10 percent. All listed stocks reached the maximum limit for several consecutive sessions.