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.
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.
Shares of MEPCO opened the day unchanged at SR54.30, as of 10:15 a.m. Saudi time.
The transaction will be conducted by granting shareholders one bonus share for every three shares held, the filing said.