SVCP shareholders to vote on SAR 80M rights issue on June 14

Logo of Saudi Vitrified Clay Pipes Co. (SVCP)

Saudi Vitrified Clay Pipes Co. (SVCP) said shareholders will vote on a proposed SAR 80 million capital increase through a rights issue during an extraordinary general meeting scheduled for June 14.

 

In a statement to Tadawul, the company said the offering will include 8 million shares in line with the proposed capital increase.

 

SVCP said the capital increase aims to address accumulated losses, which have reached 50% of the company’s capital, and support the company’s continuity in accordance with Article 132 of the Companies Law.

 

Capital Increase Details

Current Capital

SAR 150 mln

No. of Shares

15 mln

New Capital

SAR 230 mln

New No. of Shares

23 mln

Percentage of Increase

53.33%

Nominal value

SAR 10

Method

Rights issue of 8 million ordinary shares at SAR 10 per share, for a total of SAR 80 million.

Reason

To address accumulated losses and support the company’s growth strategy through product diversification, including expansion into cement products via the Saudi Land Factory Co.’s facility and the high-density plastic products factory.

The production lines for the plastic products plant are currently being installed, in addition to supporting operational activities and strengthening the company’s financial position.

Record Date

June 14, 2026 (shareholders registered with Edaa by the end of the second trading day following the EGM)
 

According to Argaam data, the Capital Market Authority (CMA) approved in April SVCP’s request to increase its capital through an SAR 80 million rights issue.

 

Accumulated losses stood at SAR 85.3 million at the end of Q1 2026, representing 57% of the company’s capital.

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