RIYADH: Jeddah-based Middle East Paper Co. invited its shareholders to vote on increasing its capital to SR666 million ($177 million) in support of the company’s financial position and growth plans.
Following the announcement, MEPCO's shares declined 0.55 percent to reach SR54.00.
The Saudi-listed paper manufacturer’s board is proposing a 33 percent capital hike from the current capital of SR500 million, according to a bourse filing.
The transaction will be conducted by granting shareholders one bonus share for every three shares held, the filing said.
