The Clap
MEPCO’s (1202) extraordinary general assembly approved the BoD’s recommendation to increase the company’s capital by 33.3% by issuing SAR 166.7 million in free shares to its shareholders.
What
The company’s capital will be increased to SAR 666.7 million, from SAR 500 million previously.
The number of shares will increase to 66.7 million shares after the capital increase.
So What
MEPCO’s capital increase aims to support its financial position and future growth plans.
Now What
The capital increase will be financed through SAR 166.7 million in retained earnings, issuing one share for every three outstanding shares on the maturity date.
