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RIYADH: Jeddah-based Middle East Paper Co.'s shares decline, after it received the Capital Market Authority’s approval to increase its capital to SR666 million ($177 million) in support of the company’s financial position and growth plans.
MEPCO’s shares fell 0.36 percent to close Wednesday at SR55.20.
The Saudi-listed paper manufacturer’s plan calls for a 33 percent capital hike from the current capital of SR500 million, according to a bourse filing.
Subject to obtaining shareholders’ nod, the transaction will be conducted by granting shareholders one bonus share for every three shares held.