Logo of Arabian Pipes Co.
Arabian Pipes Co.’s shareholders will discuss the board’s recommendation to reduce capital by 75% from SAR 400 million to SAR 100 million, during the extraordinary general meeting (EGM), slated for Feb. 14, 2022, according to a bourse filing.
The capital will be cut via cancelling 30 million shares, at 3-for-4 shares.
The move is meant to restructure capital and write off 92.85%, or SAR 323.1 million of the accumulated losses as of 30 June 2021.
In case the capital reduction is approved, the capital cut will be effective on the EGM day.
There is no relevant material impact on the company’s financial obligations.
Shareholders will also discuss amending some of the articles of association, the statement added.
|
Capital Reduction Details |
|
|
Current Capital |
SAR 400 mln |
|
Number of Shares |
40 mln |
|
New Capital |
SAR 100 mln |
|
Number of Shares |
10 mln |
|
Percentage |
75% (3-for-4 shares) |
|
Reason |
Restructure capital and write off 92.85%, or SAR 323.1 million of the accumulated losses as of 30 June 2021 |
|
Date of Capital Reduction |
Close of second day of trading after the EGM |
|
Method |
Cancelling 30 million shares |
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