Arabian Pipes shareholders to vote on SAR 300 mln capital hike via rights issue on May 12

21/04/2022 Argaam
Logo ofArabian Pipes Co.

Logo of Arabian Pipes Co.

 

Arabian Pipes Co.’s shareholders will vote on a SAR 300 million capital increase via a rights issue during the extraordinary general meeting (EGM) slated for May 12, according to a bourse filing.

 

Capital Increase Details

Capital

SAR 100 mln

Number of Shares

10 mln

Percentage of Increase

300%

New Capital

SAR 400 mln

Number of Shares

40 mln

Rights Issue Details

No. of Shares Offered

30 mln

Offering Price

SAR 10

Issue Size

SAR 300 mln

Record Date

May 12, 2022, for shareholders of record on the second day of trading after the EGM.

Reason

To fulfill the requirements of the working capital, boost financial solvency, reduce borrowing rate, renovating factories in Riyadh and Jubail, and expanding a number of support products.
 

The e-voting on the agenda items will start on May 8.

 

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