Middle East Paper Company announces the submission of the increase of the Company’s capital with suspension of preemptive rights application file to the Capital Market Authority
With reference to Middle East Paper Company (the “Company” or “MEPCO”) announcement on Tadawul dated 14/01/1445H (corresponding to 01/08/2023G) regarding the signing of a binding subscription agreement (the “Subscription Agreement”) between the Company and the Public Investment Fund (“PIF”) on 13/01/1445H (corresponding to 31/07/2023G) to increase the Company’s capital from 666,666,660 Saudi Riyals to 866,666,650 Saudi Riyals with the suspension of pre-emptive rights, by issuing 19,999,999 new ordinary shares ("New Shares") (representing 30% of MEPCO’s current capital), with a nominal value of 10 Saudi riyals per share. In full consideration of the issuance of the New Shares, PIF has committed to pay to MEPCO a subscription amount of SAR 31.50 per new share being a total subscription amount of SAR 629,999,968.50. The New Shares will be fully subscribed by PIF, so that PIF's ownership in MEPCO’s share capital will be 23.08% after the capital increase, subject to the Capital Market Authority's approval and the Extraordinary General Assembly. MEPCO announces the submission to the Capital Market Authority, on Thursday 18/02/1445H (corresponding to 03/09/2023G), of a request for approval to increase the Company's capital with suspension of preemptive right.
Date of Submitting the Application File to CMA
2023-09-03 Corresponding to 1445-02-18
Application Subject
Increase the Company’s capital from 666,666,660 Saudi Riyals to 866,666,650 Saudi Riyals with the suspension of pre-emptive rights.
Date of Announcing Board Recommendation to Increase the Company's Capital on Tadawul's Website
2023-08-01 Corresponding to 1445-01-14
Additional Information
Any developments in this regard will be announced later.
Comments