Saudi's Capital Market Authority nods to MEPCO’s capital hike to over $177mln

Reuters Images/Ahmed Yosri

The number of shares of the raise will stand at 66.66mln shares

Staff Writer, Mubasher

October 5, 2022

PHOTO

Riyadh – The Capital Market Authority (CMA) greenlighted Middle East Paper Company’s (MEPCO) capital increase to SAR 666.66 million from SAR 500 million through bonus shares.

The hike process will be carried out by capitalising SAR 166.66 million from the retained earnings account after issuing one bonus share for every three owned shares, according to a bourse filling.

Meanwhile, the number of shares of the raise will stand at 66.66 million shares, higher by 16.66 million than 50 million shares.

Last August, the board of MEPCO recommended the 33% capital hike in line with the company’s future growth plans to back its financial position.

In the first six months (6M) of 2022, the company’s net profits after Zakat and tax widened by 216.10% year-on-year (YoY) to SAR 192.21 million from SAR 60.80 million.

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