SVCP to vote on Sept. 30 to use SAR 75M reserve to offset accumulated losses

Logo of Saudi Vitrified Clay Pipes Co. (SVCP)

Saudi Vitrified Clay Pipes Co.’s (SVCP) shareholders will vote on transferring the statutory reserve of SAR 75 million, as shown in 2023 financials, to offset accumulated losses, during the extraordinary general meeting (EGM) to be held on Sept. 30.

The company's accumulated losses amounted to SAR 35.2 million, accounting for 23% of the capital, as in the financial statements for the period ended on June 30, 2024.

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According to a statement to Tadawul, shareholders will also vote on amending the company’s bylaws in accordance with the new Companies Law.