PIF completes investment in MEPCO, acquires 23.08%
The Saudi Arabian Public Investment Fund (PIF) has completed its acquisition of a 23% stake in paper products company Mepco, according to Global Gypsum. TradeArabia News has reported that the PIF aims to enable Mepco to expand production, increase efficiency and become more sustainable.
Mepco CEO Sami Al Safran is quoted to have said: “PIF's investment further enables the implementation of our expansion strategy and captures significant growth potential, both locally and regionally. This will help create new opportunities, as Mepco continues its journey to become a national champion in our industry. Our company strives for sustainable growth and a better future, thanks to its unique strategy which integrates paper products and waste management. MEPCO is investing in the sector through ambitious projects to support Saudi Arabia’s goals of sustainability and transition to a circular economy by recycling, reducing waste and converting waste into energy sources to meet our business needs.”
Through its investment, PIF will enable MEPCO to expand its production, raise its operational efficiency, and support environmental sustainability.