Arabian Pipes shareholders OK 50% capital hike via bonus issue

Logo of Arabian Pipes Co.

Shareholders of Arabian Pipes Co. approved the board's recommendation to increase capital by 50% via a one-for-two bonus issue and the capitalization of SAR 50 million from the retained earnings.

The decision came during the extraordinary general meeting (EGM) held on July 10, according to a statement to Tadawul.

Capital Increase Details
Current Capital	SAR 100 mln
Number of Shares	10 mln
Percentage of Increase	50% (One bonus share for every two shares held)
New Capital	SAR 150 mln
Number of Shares	15 mln
Method	Recapitalization of SAR 50 mln from retained earnings
Reasons	Boost the capital base and future growth plans
Eligibility	July 10, 2024 (Shareholders of record who are registered with Edaa by the close of the second trading day following the record date)

The fractional shares, if any, will be compiled in one portfolio, to be offered for sale at market price. The proceeds will be distributed to eligible shareholders pro rata within 30 days from the record date.

The Saudi Exchange (Tadawul) announced that fluctuation limits will be based on a share price of SAR 133.40 as of today, July 11 and the outstanding orders will be canceled. Edaa will deposit the bonus shares into investor portfolios on July 15.

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