East Pipes reports incompletion of some handling equipment supply deals

Logo of East Pipes Integrated Co. 

East Pipes Integrated Co. announced that, due to ongoing geopolitical developments and disruptions in global supply chains, agreements with the relevant suppliers have not yet been finalized with regard to its acquisition of strategic assets and handling equipment.

In a statement to Tadawul, the company said it continues to evaluate and engage with a number of potential suppliers to secure the necessary arrangements under the current market conditions.

At this stage, there is no material financial impact on the company’s operations; however, timelines may be affected should the current conditions persist. Any developments will be announced in due course.

According to Argaam’s data, East Pipes’ board of directors approved, on Jan. 18, the acquisition of strategic assets and material handling equipment for nearly SAR 33.6 million, with the aim to develop its logistics infrastructure, enhance material handling capacity, and rationalize operating costs.