Arabian Pipes completes procedures for 1-for-4 bonus share issue

Logo of Arabian Pipes Co.

Arabian Pipes Co. said it is currently completing the procedures and regulatory requirements related to its planned capital increase through bonus shares.

 

The company said in a statement to Tadawul that it will announce the date of the extraordinary general meeting (EGM) once all required regulatory approvals and procedures are completed.

 

Arabian Pipes’ board had recommended in February increasing capital by 26% from SAR 200 million to SAR 252 million through the issuance of one bonus share for every four shares held, by capitalizing SAR 52 million from retained earnings, according to Argaam’s data.

 

Capital Increase Details

Current capital

SAR 200 mln

No. of Shares

200 mln

New Capital

SAR 252 mln

New No. of Shares

252 mln

Percentage of capital

26%

Reason

To strengthen the company’s capital base and support future growth plans.

Bonus Ratio

One bonus share for every four shares held.

Method of Increase

Capitalization of SAR 52 million from retained earnings through the issuance of 52 million new ordinary shares, including 50 million bonus shares to shareholders registered in the company’s shareholder register, representing 25% of pre-increase capital at a ratio of one share for every four shares held.

 

The remaining 2 million shares, representing 1% of pre-increase capital, will be allocated as treasury shares for the employee incentive share program under the long-term incentive plan.

Record Date

Shareholders of record registered with Edaa at the end of the second trading day following the record date.

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