Arabian Pipes issues prospectus for SAR 300 mln rights issue

Arabian Pipes Co. announced today the prospectus for its capital increase through offering rights issue shares worth SAR 300 million.

Capital will be increased to SAR 400 million, through offering 30 million rights issue shares at a nominal value of SAR 10 each.

The capital increase is aimed to fulfill the requirements of the working capital, boost financial solvency, reduce borrowing rate and pay dues to suppliers and banks.

The Capital Market Authority (CMA) approved in March the request received from the company to increase capital through SAR 300 million rights issue, as per Argaam's data.

Capital Hike Details
Current Capital	SAR 100 mln
Number of shares	10 mln shares
Capital hike%	300%
Capital after increase	SAR 400 mln
Number of shares after increase	40 mln shares

Rights Issue Details
Number of Shares Offered	30 mln shares
Offer price	SAR 10
Size of issue	SAR 300 mln
Eligibility Ratio	Each listed shareholder shall have the right to subscribe to 3 shares per each owned share.
Record date	The increase will be limited to the shareholders who are registered in the Securities Depository Center (Edaa) by the close of trading on the second trading day after the extraordinary general meeting (EGM).
Rights issue proceeds	Pay dues to suppliers and banks	SAR 150 mln
	Working capital	SAR 85 mln
	Investment amounts	SAR 60 mln
	Payment of the Offering fees and costs	SAR 5 mln

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