Logo of Arabian Pipes Co.

Arabian Pipes Co.'s shareholders will vote on reducing the company's capital by 75% from SAR 400 million to SAR 100 million, to restructure capital in order to amortize accumulated losses, during an extraordinary general assembly to be held on Feb. 20, according to a bourse filing.

 

Capital Reduction Details

Current Capital

SAR 400 mln

Number of shares

 40 mln shares

New Capital

SAR 100 mln

New Number of Shares

10 mln shares

Reduction (%)

75%, through cancellation of 3 shares for each 4 shares.

Reason

To restructure the company's capital to amortize accumulated losses

Date of Reduction

By the end of the second trading day after the extraordinary general assembly meeting (EGM) in which the decrease is approved.

Method

Canceling 30 million shares
 

The company said, if it is approved, the decrease decision will be effective on the company’s shareholders who own shares on the day of the EGM who are registered in the company’s shareholders records with the Securities Depository Center (Edaa) at the end of the second trading day following the date of the EGM in which the capital decrease is approved.

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