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Saudi Arabia’s CMA nods for Arabian Pipes’ capital hike

Saudi Arabia’s CMA nods for Arabian Pipes’ capital hike
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Riyadh – Mubasher: The Capital Market Authority (CMA) has approved Arabian Pipes Company’s request to increase its capital from SAR 100 million to SAR 150 million.

The capital increase will be carried out through the issuance of a bonus share for every two existing shares, according to a statement.

Eligibility will be for traders registered in the shareholders' registry at the Security Depository Center as of the close of the second trading day after the due date, which will be set by the company's board.

Moreover, the capital increase will be funded by transferring SAR 50 million from retained earnings account to the company's capital.

Consequently, the company's outstanding shares will increase from 10 million to 15 million.

The extraordinary general assembly will be held within six months from the approval date of 23 May 2024.

In 2023, Arabian Pipes switched to a net profit of SAR 132.11 million, versus a net loss of SAR 10.49 million a year earlier.