Riyadh – Mubasher: Middle East Paper Company’s (MEPCO) board of directors has recommended to the company’s extraordinary general meeting (EGM) a 33% capital increase via a bonus share issuance.

Accordingly, MEPCO’s new capital will amount to SAR 666.66 million, up from SAR 500.00 million, according to a stock exchange statement on Sunday.

The Tadawul-listed company said it will issue one bonus share for every three existing shares. The capital raise aims to support the company’s financial position and future growth plans.

In the first half (H1) of 2022, MEPCO achieved net profits after Zakat and tax worth SAR 192.21 million, an annual leap of 216.10% from SAR 60.80 million.