SVCP shareholders to vote on SAR 75M transfer to offset losses on Nov. 5

Logo of Saudi Vitrified Clay Pipes Co. (SVCP)

Shareholders of Saudi Vitrified Clay Pipe Co. (SVCP) will vote on transferring the statutory reserve balance of SAR 75 million as of Dec. 31, 2023, to offset the company's accumulated losses of SAR 35.24 million.

These accumulated losses represent 23% of the company’s share capital as of June 30, 2024, SVCP said in a statement to Tadawul.

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The online voting will start on Nov. 2.