MEPCO GA increases capital to SR666.6 mln through share bonus

Middle East Paper Co. (MEPCO) announced on Sunday the results of the Extraordinary General Assembly meeting (the second meeting), which includes the company’s capital increase, which was held at Thursday 24/11/2022, via Modern technology using Tadawulaty system.
Where the quorum for the first meeting was not completed, and the second meeting was held an hour after the time specified for the first meeting, with an attendance rate of 33.87%, as the quorum for the second meeting is the presence of a number of shareholders representing at least 25% of the capital.
The Voting Results on the Items of the General Assembly’s Meeting Agenda’s:
Approval on the Board’s recommendation to increase the Company’s capital by issuing bonus shares to its shareholders as follows:
a. The total amount of the increase is SR166,666,660.
b. The capital before the increase is SR500million, and the capital after the increase will become SR666,666,660; an increase by (33,3%).
c. The number of shares before the increase is 50,000,000 shares, and the number of shares after the increase will become 66,666,666 shares.
d. The objective of the increase is to support the company’s financial position and future growth plans.
e. The increase will be through capitalizing SR166,666,660 from the retained earnings via granting (1) share for each (3) share owned by shareholder at the eligibility date.
f. eligible shareholders are those holding shares on the day of convening the Extra-Ordinary General Assembly and who are registered in the shareholders registry with the Securities Depository Center Company (“Edaa”) at the end of the second trading day following the eligibility date. In case of shares fractions, they shall be collected in one portfolio for all shareholders, then sold at market price, and their value shall be distributed to eligible shareholders as per their shares, within a period not exceeding (30) days from the date of determining the outstanding shares for each shareholder.
g. Amending (Article No 7) of the Company’s bylaws relating to capital.