MEPCO shareholders approve dividend freeze for 2020, authorize board to distribute interim dividend for 2021

Logo of Middle East Paper

Middle East Paper Co.’s (MEPCO) shareholders approved board recommendation to withhold dividend for 2020, during the ordinary general assembly meeting (OGM) held on June 22, according to a bourse statement.

During the meeting, shareholders authorized the board of directors to distribute interim dividends on a semi-annual or quarterly basis for 2021.

They also approved the audit and board reports, along with the financial statements for 2020.

Shareholders endorsed the appointment of the company’s auditor to audit the financial statements for Q2, Q3, and 2021, and Q1 2022, and determine their fees.

MEPCO’s board of directors had earlier recommended withholding dividend for 2020, in order to support the company's current expansion projects, Argaam reported.