CMA approves capital increase of “Arabian Pipes” to 150 million riyals

Capital Market Authority announced its approval of the Arabian Pipe Company’s request to increase its capital from 100 million riyals to 150 million riyals by granting a free share for every two outstanding shares owned by shareholders registered in the register of shareholders of the issuer at the deposit center at the end of the second trading day following the maturity date, which will be determined. The company’s board of directors is dated later.

The value of the capital increase will be paid by transferring an amount of 50 million riyals from the “retained earnings” item, and thus the number of shares will increase from 10 million shares to 15 million shares, an increase of 5 million shares. Provided that the date of the extraordinary general assembly shall not exceed 6 months from the date of this approval, provided that the company completes the relevant procedures and legal requirements.