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.
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Capital Reduction Details |
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Current Capital |
SAR 400 mln |
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Number of shares |
40 mln shares |
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New Capital |
SAR 100 mln |
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New Number of Shares |
10 mln shares |
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Reduction (%) |
75%, through cancellation of 3 shares for each 4 shares. |
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Reason |
To restructure the company's capital to amortize accumulated losses |
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Date of Reduction |
By the end of the second trading day after the extraordinary general assembly meeting (EGM) in which the decrease is approved. |
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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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