MEPCO ends Al-Medan Project acquisition deal as terms unmet

08:40 AM (Mecca time) Argaam
MEPCO terminates agreement to acquire MPFC on failure to meet terms by deadline

MEPCO terminates agreement to acquire MPFC on failure to meet terms by deadline

Middle East Paper Co. (MEPCO) terminated the agreement to acquire 100% of the share capital of Al-Medan Project Factory for Corrugated Carton (MPFC), citing unfulfilled precedent conditions of the agreement.

 

The deadline for complying with the term ended Dec. 27, the company disclosed in a Tadawul statement today, Dec. 28.

 

MEPCO signed on March 27 a share purchase agreement to acquire full ownership of MPFC. The deal included purchasing 1,000 ordinary shares, representing the entire capital of MPFC, for SAR 91 million in addition to issuing new shares to the sellers, data compiled by Argaam showed.

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