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The Middle East Paper Co. (MEPCO) has become the first Saudi company to join Closir, a global platform connecting companies directly with investors.

The paper manufacturer's engagement comes at a time when the Saudi equity market is in the spotlight for global investors, having been upgraded to "Emerging Market" status by index providers MSCI and FTSE Russell.  

Closir is a technology platform that connects listed companies in emerging markets to institutional investors, allowing them to approach targets and organize meetings, roadshows and virtual conferences. It is used by major institutional investors, including mutual, sovereign, pension, hedge funds,  across financial centres in Europe, United States and Asia, as well as leading listed companies in emerging markets.

Dr. Mohamed Saleh Darweesh, chief financial officer, MEPCO, said joining the Closir platform will enable the company to increase corporate access for the global investment community.

“Having delivered improved performance during the last 12 months, we’ve focused on bringing our IR activities in line with international best practice.

“We have engaged more meaningfully with investors and analysts within Saudi Arabia and further afield, through conference participation, one-on-one engagements, briefings, and enhancements to our IR tools and reporting mechanisms," he added.
Michael Chojnacki, managing director and co-founder of Closir, commented: “Following recent developments in the Saudi market, global emerging funds are studying its investment opportunities more closely, many of them for the first time. In the light of recent MiFID II  regulations, companies are becoming more proactive in targeting and organizing meetings directly with new investors and by joining the Closir platform, MEPCO has become the first Saudi company to adopt global best practice in this regard. We look forward to working with the Company to broaden its investor reach and attract international capital.”
MEPCO reported a net profit of SAR 57 million for H1 2018, an increase of 166% year-on-year.