East Pipes EGM OKs SAR 71.7M statutory reserve transfer to retained earnings

19/08/2025 Argaam

Shareholders of East Pipes Integrated Company for Industry approved the board of directors’ recommendation to transfer the statutory reserve of SAR 71.7 million, as reported in the annual financial statements for the year ended March 31, 2025, to retained earnings.
The approval was granted at the extraordinary general meeting (EGM) held on Aug. 18, the company said in a statement.
 
 

Shareholders also authorized the board to distribute interim dividends on a semi-annual or quarterly basis for the fiscal year 2025-2026, following approval of an amendment to an article in the company’s bylaws related to dividend distribution.

 

Additionally, they ratified amending the bylaws to align with the new Companies Law, as well as restructuring and renumbering the articles in line with the proposed changes, subject to regulatory requirements.

 

Furthermore, the EGM approved the election of a new board of directors for a four-year term starting Sept. 21, 2025.

 

The board will comprise five independent members — Yazeed Altoaimi, Suhail Nathani, Walid Al-Zakri, Aziz Al-Qahtani, and Faris Al-Faris — along with three non-executive members - Fahad Al-Hammadi, Vipul Mathur, and Viswanathan Kollengode.

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