Arabian Pipes board cancels proposal to end current board term

Logo of Arabian Pipes Co.

Arabian Pipes Co.’s  (APC) board of directors canceled a previous recommendation of ending the current board term during its meeting held on May 4.

In a statement to Tadawul, the company pointed out that the decision was made in view of the recent developments, considering the volume of the existing projects that exceeded SAR 1 billion.

Following the board’s previous recommendation to end the board term, SAR 555 million worth of projects were contracted, requiring financial facilities from several banks to ensure the projects’ completion in compliance with the agreed schedules and work continuity.

This positively impacted the company's financial position and financial results during the last period, which requires more stability in the firm’s performance, the statement said.

The board of directors considered the interest of the company and its shareholders during this period, as Arabian Pipe’s financial contracts and dealings with its customers were not affected.

Due to the near end of the current board of directors term, the pipe producer will announce the opening of candidacy for the upcoming new term on November 1.