SVCP says EGM on capital hike not convened

SVCP said the EGM was scheduled to vote on an SAR 80 million capital increase.

Saudi Vitrified Clay Pipes Co. (SVCP) said its extraordinary general meeting (EGM) -first and second meetings- was not convened due to a lack of quorum, according to a statement to Tadawul.

 

The meetings were scheduled for June 14 to discuss the capital increase.

 

SVCP will convene the third EGM once the date is finalized, following approval from the competent authorities. The third meeting will be held regardless of the number of voting shares represented, the statement said.

 

The company had set June 14 for the EGM to vote on increasing its capital by SAR 80 million through an 8 million-share rights issue, raising capital from SAR 150 million to SAR 230 million, or by 53.33%, data compiled by Argaam showed.

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