Arabian Pipes to utilize SAR 70.8 mln of reserves to offset losses

Arabian Pipes Co. shareholders approved the board’s recommendation to utilize SAR 39.4 million of statutory reserve and SAR 31.4 million of general reserve to offset accumulated losses as on Dec. 31, 2018.

Shareholders approved the board of directors’ report, an audit report and all financial statements for 2018, the company said in a bourse statement.

Shareholders also approved to discharge board members from liability associated with their activities in 2018, and select an external auditor for 2019 and Q1 2020.

During the meeting, shareholders also endorsed the board’s proposal for equipment pledge to secure a loan from the Saudi Industrial Development Fund (SIDF).