MEPCO completes share fractions sale, says unable to distribute proceeds

Logo of Middle East Paper Co. (MEPCO)

Middle East Paper Co. (MEPCO) completed the sale of fractional shares, resulting from the company’s capital increase, as follows:

The company said it was unable to pay the sale proceeds to shareholders within the 30-day period defined in the company’s disclosure, due to the delay in finalizing the related measures with the set bank.

The payment process is expected to be complete on Jan. 8, 2023.

The Securities Depository Center Co. (Edaa) increased on Nov. 29, the number of shares in the accounts of MEPCO eligible shareholders.

MEPCO shareholders approved the board’s recommendation on a 33.3% capital increase by granting one bonus share for every three shares held, during the extraordinary general meeting (EGM) held on Nov. 24, Argaam earlier reported.