Saudi paper manufacturer MEPCO in red as it seeks shareholders’ approval for 33% capital raise

The Saudi-listed paper manufacturer’s board is proposing a 33 percent capital hike from the current capital of SR500 million. (Shutterstock)
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Updated 24 October 2022
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Saudi paper manufacturer MEPCO in red as it seeks shareholders’ approval for 33% capital raise

RIYADH: Jeddah-based Middle East Paper Co. invited its shareholders to vote on increasing its capital to SR666 million ($177 million) in support of the company’s financial position and growth plans.

Following the announcement, MEPCO's shares declined 0.55 percent to reach SR54.00.

The Saudi-listed paper manufacturer’s board is proposing a 33 percent capital hike from the current capital of SR500 million, according to a bourse filing.

The transaction will be conducted by granting shareholders one bonus share for every three shares held, the filing said.


Closing Bell: Saudi main index closes in red at 11,183

Updated 6 sec ago
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Closing Bell: Saudi main index closes in red at 11,183

RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Monday, losing 44.79 points, or 0.4 percent, to close at 11,183.85.

The total trading turnover of the benchmark index was SR4.05 billion ($1.08 billion), as 69 of the listed stocks advanced, while 191 retreated.

The MSCI Tadawul Index decreased, down 6.63 points or 0.44 percent, to close at 1,504.73.

The Kingdom’s parallel market Nomu lost 328.20 points, or 1.36 percent, to close at 23,764.92. This comes as 22 of the listed stocks advanced, while 49 retreated.

The best-performing stock was Maharah Human Resources Co., with its share price surging by 7.26 percent to SR6.50.

Other top performers included Arabian Cement Co., which saw its share price rise by 6.27 percent to SR22.71, and Saudi Research and Media Group, which saw a 4.3 percent increase to SR104.30.

On the downside, the worst performer of the day was Arabian Internet and Communications Services Co., whose share price fell by 8.01 percent to SR207.80.

Jahez International Co. for Information System Technology and Al-Rajhi Co. for Cooperative Insurance also saw declines, with their shares dropping by 5.61 percent and 4.46 percent to SR12.79 and SR75, respectively.

On the announcement front, Etihad Etisalat Co. announced its financial results for 2025 with a 7.9 percent year-on-year growth in its revenues, to reach SR19.6 billion.

In a Tadawul statement, Mobily said that this growth is attributed to “the expansion of all revenue streams, with a healthy growth in the overall subscriber base.”

Mobily delivered an 11.6 percent increase in net profit, reaching SR3.4 billion in 2025 compared to SR3.1 billion in 2024.

The company’s share price reached SR67.85, marking a 0.37 percent increase on the main market.