By Mohamed Idris

Riyadh-Mubasher: Sheikh Yousef Al-Shubily, a Muslim cleric specialised in law, has issued a fatwa legalising participation in the initial public offering (IPO) of Middle East Paper Co. (MEPCO).

The Saudi market regulator CMA has already approved MEPCO’s offering of 15 million shares representing 30% of the company’s share capital.

A portion of the offered shares will be allocated to mutual funds and authorised persons.

The company’s shares will be offered from 8-14 April upon completing the book-building process.

Translated by Sayed Abdel Rahman