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Middle East Paper Co. Announces an update on the company announcement of filing a lawsuit against the Ministry of Environment, Water and Agriculture (Makkah Region Branch)
| Element List | Explanation |
|---|---|
| Introduction | Referring to the company's previous announcement on 13/09/2023 G on the Tadawul website regarding Middle East Paper Company announcing the filing of a lawsuit against the Ministry of Environment, Water and Agriculture (Makkah Region Branch) at the Administrative Court in Jeddah, requesting a judgment to reassess the fair compensation in accordance with the fair value as indicated in the real estate appraiser's report for the period between the expropriation of the company's property and the disbursement of compensation by the ministry. The Middle East Paper Co. (MEPCO) announces the issuance of a first-instance judgment by the Administrative Court in Jeddah in favor of the Company, by annulling the evaluation committee’s record, dated 10/08/1444 AH corresponding to 02/03/2023 G. We are referring to the decision of the evaluation committee's record annulled by the issuance of the first-instance judgment, which previously determined the value of compensation to the company in the amount of 2,601,864 (two million six hundred and one thousand eight hundred and sixty-four SAR). The company will continue its regulatory procedures to preserve the rights of its valued shareholders. |
| Previous Announcement | Middle East Paper Co. announces the filing of a lawsuit against the Ministry of Environment, Water and Agriculture (Makkah Region Branch) |
| Date of Previous Announcement on Saudi Exchange’s Website | 2023-09-13 Corresponding to 1445-02-28 |
| Hyperlink to the Previous Announcement on the Saudi Exchange Website | Click Here |
| Latest Developments Of The Announced Event | The issuance of a first-instance judgment by the Administrative Court in Jeddah in favor of the Company, by annulling the evaluation committee’s record, dated 10/08/1444 AH corresponding to 02/03/2023 G. |
| Reasons For The Delay on The Date of The Event Previously Announced | Not applicable |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | Not applicable |
| Delay consequences on the Company’s financial results | Not applicable |
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.
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Net Change 0.69 (+4.04%)
Value Traded (Sar) 36,338,423.28
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