Arabian Pipes Mulls Decreasing Capital, Increasing it by Offering Rights Issue

Arabian Pipes Co. announced on Sunday its submission of the application file for approval to reduce the company’s capital and the application file for approval to increase the company’s capital by offering of rights issue to the Capital Market Authority.

This comes with reference to the company’s announcement 09-06-2021 regarding the board of directors’ recommendation to reduce the company’s capital by an amount of (300,000,000) Saudi riyals and then increasing the capital by offering of rights issue in the amount of (300,000,000) Saudi riyals, conditional on obtaining the approval of the relevant official authorities and the extraordinary general assembly.

The approval of the extraordinary general assembly on the process of increasing the company’s capital by issuing of rights issue is conditional on the extraordinary general assembly’s approval of the proposed reduction of the capital.

The company will announce any future developments in this regard in due course.