Riyadh — Mubasher: The ordinary general meeting (OGM) of Middle East Paper Company (MEPCO) approved the reallocation of SAR 291.12 million from net proceeds originally raised through a capital increase with suspended preemptive rights.
The funds, which were initially earmarked for the acquisition of existing corrugated carton facilities as per a 10 December 2023 prospectus, will now be directed toward the PM5 paperboard production line project.
The decision received 96.61% approval during the meeting held on 15 September 2026.
Shareholders also approved a recommendation from the audit committee to pay additional fees totaling SAR 487,500 to the company’s auditor, Ernst & Young Professional Services (EY).
This payment covers additional audit work related to the annual financial statements for the fiscal year ended 31 December 2025.
The virtual meeting, conducted via the Tadawulaty system from the company’s Jeddah headquarters, recorded a shareholder attendance rate of 38.09%.
This exceeded the 25% legal quorum required for the assembly to proceed. The session was chaired by Musab Sulaiman Al Muhaidib, Chairman of the Board of Directors.
