Arabian Pipes board recommends termination of current board term

Logo of Arabian Pipes Co.

Arabian Pipes Co.’s (APC) board of directors recommended, on Sept. 27, terminating the current board term, which started on May 23, 2021 and will end on May 24, 2024, as of the upcoming general assembly’s date.

The termination request will be submitted to shareholders, as the board decided to give the opportunity to the shareholders to participate, in order to ensure continuous development and business expansion.

Accordingly, shareholders will be invited for a meeting after obtaining the necessary approvals of the related official authorities.

The shareholders will vote on terminating the current board session starting from the general assembly date and electing a new board, if the first agenda item is passed, for the next three-year term starting from the meeting date.

According to Article 68 of the Companies Law, the board and the committees will continue to perform their duties until the general assembly date, and vote on ending the current board session.