Saudi suspends shares in Middle East Paper pending news on earnings

DUBAI: Saudi Arabia’s Capital Market Authority said on Tuesday it was suspending trade in shares of Middle East Paper Co at the company’s request because it would announce a “material development” related to its interim earnings.

It did not elaborate. Before the suspension, Middle East Paper shares had dropped 5.1 per cent on Tuesday after the company posted a 58 per cent drop in second-quarter net profit to 12.27 million riyals ($3.3 million, Dh12.1 million).

The company listed its shares in May after an initial public offer that was heavily oversubscribed.