Kuwait – Mubasher: Kuwait International Bank (KIB) on Monday denied news that it signed an agreement to provide facilities to Saudi-based Middle East Paper Co (MEPCO).

KIB stated that a statement released by MEPCO via the Saudi Stock Exchange (Tadawul) on Sunday, indicating that the latter had received facilities worth SAR 110 million from KIB, was incorrect.

According to MEPCO, the facility began on 31 July 2017 and ends on 31 May 2018, and is subject to annual renewal.

KIB closed Monday’s trading session in the green, rising 1.23% to 247 fils after 324,200 shares were traded at a turnover of KWD 79,900.

Also on Monday, MEPCO said it logged SAR 18.2 million in profits in the second quarter of 2017, down 79.42% year-on-year from SAR 88.3 million.

By 2:11 pm Saudi time, MEPCO’s stock surged 9.93% to SAR 15.72.