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MEPCO, Closir ink deal to boost corporate access for investors

MEPCO, Closir ink deal to boost corporate access for investors
MEPCO, Closir ink deal to boost corporate access for investors
MEPCO
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2.59% 11.88 0.30

 Riyadh –Mubasher: The Middle East Paper Co. (MEPCO) on Tuesday announced signing the first partnership agreement with the UK-based Closir Company in a bid to bolster corporate access for regional and global investors.

Closir’s platform directly connects listed companies in emerging markets to institutional investors, along with enabling them to organise virtual conferences, meetings, and roadshows, MEPCO said in a statement.

The region’s leading vertically-integrated paper manufacturer is the first Saudi firm to join the Closir platform, which is used by major institutional investors across financial centres in Europe, US and Asia.

“Having delivered improved performance during the last twelve months, we’ve focused on bringing our IR activities in line with international best practice,” MEPCO’s CFO Mohamed Saleh Darweesh said.

MEPCO’s partnership with Closir followed the latest economic reforms that took place in Saudi Arabia, which encouraged international funds to pump more investments in the oil-rich country, Closir’s Co-Founder and managing director Michael Chojnacki noted.

“In the light of recent MiFID II regulations, companies are becoming more proactive in targeting and organizing meetings directly with new investors and by joining the Closir platform,” Chojnacki added.

MEPCO last reported a 59.09% increase in net profits, recording SAR 28.9 million during the second quarter of 2018, compared to SAR 18.18 million in Q2-17.