Logo of East Pipes Integrated Company for Industry
East Pipes Integrated Company for Industry’s shareholders approved the board’s recommendation to increase capital by 50% from SAR 210 million to SAR 315 million, during the extraordinary general meeting (EGM), held on Oct. 19.
This will come through a 1-for-2 bonus issue, and the capitalization of SAR 105 million of the retained earnings, according to a statement to Tadawul.
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Capital Increase Details |
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Current Capital |
SAR 210 mln |
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Number of Shares |
21 mln |
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Percentage of Capital |
50% |
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Method |
1 bonus share for every 2 shares, via the capitalization of SAR 105 million from the retained earnings |
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New Capital |
SAR 315 mln |
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Number of Shares |
31.5 mln |
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Reason |
To maximize shareholders’ wealth while balancing between investment growth and dividends, in line with future prospects and the growth of free cash flows, in addition to creating accretive value in the long term via investing in the available opportunities |
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Record Date
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Oct. 19, for shareholders registered with Edaa on the second trading day after the EGM |
Share fractions, if any, will be sold at market price, and the proceeds will be distributed to eligible shareholders pro rata within 30 days from the allocation of new shares.
Fluctuation limits will be based on a share price of SAR 48.25 and the outstanding orders will be canceled. Furthermore, the Securities Depository Center (Edaa) will deposit the addition shares into the investor’s portfolios by Oct. 24, the Saudi Exchange (Tadawul) said in a separate statement.
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