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East Pipes Integrated’s shareholders approve 50% capital hike

East Pipes Integrated’s shareholders approve 50% capital hike
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Riyadh – Mubasher: The shareholders of East Pipes Integrated Company for Industry greenlighted a 50% capital raise to SAR 315 million from SAR 210 million, according to a bourse filing.

The capital hike will be carried out by capitalising SAR 105 million from the retained earnings account through one bonus share granted for every two owned shares.

Meanwhile, the new capital will be distributed over 31.50 million shares, instead of 21 million shares.

The capital raise aligns with East Pipes Integrated’s future plans to maximise the shareholders’ wealth, while underlying growth in free cash flow and creating long-term value through investments in available opportunities

It is worth noting that the shareholders granted their approval for the transaction during the extraordinary general meeting (EGM) that was held on 19 October 2022.

Last September, the Capital Market Authority (CMA) passed the Saudi listed firm’s capital increase.