MEPCO shareholders approve capital hike while suspending rights issue

31/12/2023 Argaam

MEPCO shareholders approve capital hike while suspending rights issue

Logo of Middle East Paper Co. (MEPCO)

Middle East Paper Co.’s (MEPCO) extraordinary general meeting (EGM) approved, on Dec. 28, a board recommendation to increase the company’s capital through issuing 20 million new ordinary shares while suspending rights issue.

 

In a statement to Tadawul, MEPCO said that capital will be increased from SAR 666.67 million (66.67 million equal value shares) to SAR 866.67 million (86.67 million equal value shares).

 

Capital Hike Details

Current Capital

SAR 666.67 mln

Current Number of Shares

66.67 mln

Increase Percentage (%)

30%

New Capital

SAR 866.67 mln

Number of Shares after Increase

86.67 mln
 

The Public Investment Fund (PIF) will have the right to subscribe on the day of the EGM that decides to increase the capital by offering shares while suspending rights issue.

 

The fund will fully subscribe to the new shares, raising its ownership to 23.08% of the company after the capital increase.

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