RIYADH: Jeddah-based Middle East Paper Co. aims to increase its capital to SR666 million ($177 million) in support of the company’s financial position and growth plans. The Saudi-listed paper manufacturer’s board has proposed a 33 percent capital hike from the current capital of SR500 million, according to a bourse filing. Subject to obtaining the necessary regulatory approvals and shareholders’ nod, the transaction will be conducted by granting shareholders one bonus share for every three shares held, the filing said.