MEPCO BOD Distributes SR50 mln Profits for 2021

Middle East Paper Company (MEPCO) announced on Thursday the Board of Director’s recommendation to the annual general assembly to distribute cash dividends for the full year ending 31 December 2021. The total amount distributed is 50,000,000 shares. The dividend per share is SR1. The percentage of dividend to the share par value (%) is 10 %.

The company said in a statement that the number of shares eligible for dividends is SR50,000,000 shares and distribution date will be announced later.

It added that the eligibility for dividends will be for the shareholders owning the shares at the end of the second trading day following the day of the company’s annual general assembly, which will be announced later.

It also added that: “We want to draw the attention of non-resident foreign investors to the fact that cash dividends that will be transferred through the local financial intermediary, and when transferred or credited to his account, are subject to a 5% withholding tax in accordance with the provisions of Article (68) of the tax system and Article (63) of its executive regulations”.

The company indicated that “The distribution will be done through direct transfer to bank accounts linked to the shareholders’ investment portfolios. The company calls on all valued shareholders to update their data with the banks in which their accounts are held to ensure that their due profits in the future are deposited directly into their accounts”.

It concluded that: “This recommendation is made as part of the Company’s strategy to distribute stable dividends, while focusing on its growth plans. The Company points out that the improved profitability enhances its ability to meet its growth plans, including Roots, Estidama and other future projects.”