Middle East Paper Co. — Proxy Solicitation & Information Statement 2022

Oct 24, 2022

Middle East Paper Co. Invites its Shareholders to Attend the Extraordinary General Assembly Meeting for Capital Increase ( First Meeting )

1202 · 24/10/2022 09:01:51 · Announcement #70610 · View on Saudi Exchange

Middle East Paper Co. Invites its Shareholders to Attend the Extraordinary General Assembly Meeting for Capital Increase ( First Meeting )

Element List	Explanation
Introduction	Board of Directors of Middle East Paper Co (MEPCO) is pleased to invite the honorable shareholders to participate and vote in the Extraordinary General Assembly meeting (the first meeting), which is scheduled to be held by means of modern technology, God willing, at 6:30 pm on Thursday 30/04/1444 AH corresponding to 24/11/2022 AD
City and Location of the Extraordinary General Assembly's Meeting	Remotely by means of modern technology, using Tadawulaty system, from the meeting hall of the Company Head Office in Jeddah.
URL for the Meeting Location	https://www.tadawulaty.com.sa
Date of the Extraordinary General Assembly's Meeting	2022-11-24 Corresponding to 1444-04-30
Time of the Extraordinary General Assembly's Meeting	18:30
Attendance Eligibility	Shareholders registered in the company's shareholder register at EDAA Center at the end of the trading session preceding the general assembly meeting, and according to the rules and regulations
Quorum for Convening the General Assembly's Meeting	Quorum for Convening the General Assembly's Meeting For the validity of the meeting of this assembly, the presence of a number of shareholders representing at least 50% of the capital is required, according to the text of Article (33) of the company's bylaws. In the event that this quorum is not available at the first meeting, the second meeting will be held an hour after the end of the period specified for the first meeting, and the second meeting will be valid if attended by a number of shareholders representing 25% of the capital.
Meeting Agenda	General Assembly Meeting Agenda 1. Voting on the Board’s recommendation to increase the Company’s capital by issuing bonus shares to its shareholders as follows:

a. The total amount of the increase is 166,666,660 SAR.

b. The capital before the increase is SAR 500million, and the capital after the increase will become SAR 666,666,660; an increase by (33,3%).

c. The number of shares before the increase is 50,000,000 shares, and the number of shares after the increase will become 66,666,666 shares.

d. The objective of the increase is to support the company's financial position and future growth plans.

e. The increase will be through capitalizing SAR 166,666,660 from the retained earnings via granting (1) share for each (3) share owned by shareholder at the eligibility date.

f. If the item is approved, eligible shareholders are those holding shares on the day of convening the Extra-Ordinary General Assembly and who are registered in the shareholders registry with the Securities Depository Center Company (“Edaa”) at the end of the second trading day following the eligibility date. In case of shares fractions, they shall be collected in one portfolio for all shareholders, then sold at market price, and their value shall be distributed to eligible shareholders as per their shares, within a period not exceeding (30) days from the date of determining the outstanding shares for each shareholder.

g. Amending (Article No 7) of the Company’s bylaws relating to capital. (Attached) Proxy Form E-Vote Shareholders registered in Tadawulaty Services are entitled to vote on the items of the General Assembly meeting agenda online starting from 26/04/1444 H corresponding to 20/11/2022 at 01:00 a.m. until the end of the Assembly meeting.

Note that registration and voting are available in Tadawulaty Services free for all shareholders through the following link www.tadawulaty.com.sa Eligibility for Attendance Registration and Voting Eligibility for Attendance Registration and Voting Ends upon the Convenience of the General Assembly’s Meeting. Eligibility for Voting on the Meeting Agenda Ends upon the Counting Committee Concludes Counting the Votes Method of Communication We are pleased to receive the questions and inquiries of our esteemed shareholders about the meeting items, starting from the time of this announcement, and they will be answered through the following means of communication:

Phone: 01225669600

E-mail: investors@mepco.biz Attached Documents  

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.