East Pipes grabs 50% of HSAW industry; eyes foreign markets: CEO

Mohammed Al-Shaheen, CEO, East Pipes Integrated Company for Industry

East Pipes Integrated Company for Industry dominates more than 50% of the helicalsubmerged arc welded (HSAW) pipes market in the Kingdom, CEO Mohammed Al-Shaheen said in a statement.

Al-Shaheen indicated that the company’s factory provides clients with integrated solutions including HSAW pipes with a production capacity of 500,000 metric tons per annum (mtpa), double jointing (340,000 mtpa) and coating (4 million mtpa).

The company carried out more than 75 projects and produced above two million metric tons of HSAW pipes as well as 16 million square meters of coated pipes for strategic projects in fields of water, oil, and gas applications.

The Saudi company looks forward to expand into foreign markets, while optimally capitalizing on its production capacities and the state-of-the-art technology, the CEO said, adding that East Pipes exported 90,000 metric tons of pipes to North America.

East Pipes published, on Jan. 3, the prospectus for its initial public offering (IPO) of 6.3 million shares, representing 30% of capital, on the Saudi Exchange (Tadawul).

The company obtained the approval of the Capital Market Authority on the IPO on Sept. 29, 2021, Argaam reported.

The period of applications registration and book building will run for seven days from Jan. 11 to Jan. 17, while the retail subscription period will run from Jan. 24 to Jan. 25.