Middle East Paper Co. was handed a favorable final verdict in a property rights case against the Environment, Water and Agriculture Ministry (Mewa), it said in a regulatory filing to Tadawul. Middle East Paper is 23%owned by the Public Investment Fund (PIF), which became the paper manufacturer’s largest shareholder in January.

What we know: The court of appeal upheld an initial ruling by Jeddah Administrative Court annulling compensation of SAR 2.6 mn ordered by the ministry’s evaluation committee.

What’s the issue? Mewa seized property belonging to Middle East Paper in 2007 and offered compensation of SAR 2.6 mn nine years later. The company claimed in a suit filed last September that officials had improperly valued the asset and demanded compensation closer to SAR 74 mn, citing an independent valuation report.

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