Arabian Pipes shareholders reject proposed capital hike via SAR 300 mln rights issue

Logo of Arabian Pipes

Arabian Pipes Co.’s shareholders rejected the board of directors’ recommendation to increase capital via a SAR 300 million rights issue during the extraordinary general meeting (EGM) held on May 12.

In a statement to Tadawul, the company said all options will be worked out in favor of the business and its shareholders.

In June 2021, Arabian Pipes’ board recommended a capital reduction to restructure the company's capital and offset accumulated losses. A SAR 300 million rights issue was also proposed to raise capital.

In February 2022, the company's shareholders approved a 75% capital cut to SAR 100 million from SAR 400 million, Argaam earlier reported.

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