Arabian Pipes Company General Assembly approves 26% capital increase
The Saudi Arabian Pipes Company announced on Tuesday that its Extraordinary General Assembly has approved the Board of Directors' recommendation to increase the company's capital by 26%. This step comes within the framework of the company's strategic plans to strengthen its financial position and expand its business scope in the local market.
According to the official statement published on the Saudi Exchange (Tadawul) website, this increase will be implemented through the issuance of bonus shares to shareholders. This measure aims to support the company's future growth and develop its existing projects in the pipe manufacturing sector.
It is noteworthy that the company's capital will increase from 200 million Saudi Riyals to 252 million Saudi Riyals through the capitalization of a portion of retained earnings. The company emphasizes that this increase reflects the Board of Directors' confidence in the stable financial performance and the company's ability to generate positive returns for shareholders.
This move is part of the ongoing economic developments in the Kingdom of Saudi Arabia, as national companies seek to strengthen their capital to keep pace with the growing demand for industrial products, in line with the goals of Saudi Vision 2030 to support the industrial sector.