MEPCO shareholders to vote on 33.3% capital increase via bonus issue on Nov. 24

24/10/2022 Argaam
Logo ofMiddle East Paper Co. (MEPCO)

Logo of Middle East Paper Co. (MEPCO)

Middle East Paper Co.’s (MEPCO) shareholders will vote on the board’s recommendation to increase capital by 33.3%, or SAR 166.67 million, to SAR 666.67 million, during the extraordinary general meeting (EGM) scheduled for Nov. 24, according to a statement to Tadawul.

 

Capital Increase Details

Current Capital

SAR 500 mln

Number of Shares

50 mln

Percentage of Increase

33.3%

Method

One bonus share for every three shares held, by the capitalization of SAR 166.67 million from retained earnings.

New Capital

SAR 666.67 mln

Number of Shares

66.67 mln

Reason

Supporting the company’s financial position and growth plans

Record Date

 

Nov. 24, 2022, shareholders registered with Edaa on the second trading day following the record date
 

In case of fractional shares, they will be compiled in one portfolio and will be sold at market price. Proceeds will be distributed to shareholders pro rata, within 30 days.

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