Arabian Pipes shareholders reject amending some bylaws

Arabian Pipes Co. shareholders approved amending some of the company’s bylaws, while rejected some as well, during the extraordinary general meeting (EGM) held on Nov. 23, 2020.

They ratified amending articles related to the company’s objective, partnership and ownership, selling unpaid stocks, stocks trading, owning company’s shares, debt instruments and financing sukuk, financial documents and dividend distribution.

However, they objected to amend articles related to the company’s duration, increasing and decreasing capital, in addition to powers and remuneration of the board of directors.