Saudi Steel Pipe approves SAR 127 mln transfer to offset losses

Saudi Steel Pipe Co.’s shareholders have approved transferring SAR 126.79 million from share premium account to offset accumulated losses account as of Dec. 31, 2018 during the general assembly meeting held on May 7, 2019.

Shareholders have also a board recommendation to hold off on issuing a cash dividend for fiscal year 2018.

Meanwhile, they have elected board members for the upcoming three-year term starting on June 7, 2019.

The new board includes Ahmed M. Al-Debasi, Carlos Andres Ferreyra, Mariano Armengol, Mousa A. Al-Mousa, AlMohannad K. Al-Shathri, Hoon Park, Renwar Berzinji, Salman Akbar and Nader Ashoor.

The company’s accumulated losses as of Dec. 31, 2018 reached 24.86 percent of capital, according to data compiled by Argaam.