Saudi MEPCO’s shares climb as it gets CMA node for 33% capital raise 

RIYADH: Jeddah-based Middle East Paper Co. saw its share price rise in early trade, after it received the Capital Market Authority’s approval to increase its capital to SR666 million ($177 million) in support of the company’s financial position and growth plans.

MEPCO’s shares gained 3.25 percent to reach SR57.20 at 10:07 a.m. Saudi time.

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