East Pipes major shareholder seeks share transfer to shareholders’ portfolios

Logo of East Pipes Integrated Company for Industry

East Pipes Integrated Company for Industry received a letter from Aziz Company for Contracting and Industrial Investment (a major shareholder with a 19.95% stake), indicating the unanimous intent of the latter’s shareholders to transfer 6.28 million shares held by the company to their portfolios.

According to a Tadawul statement, East Pipes received the letter today, Oct. 17. This decision follows the passing of shareholder Sheikh Ali Al Shammisi, whose 12.5% stake has been inherited by his heirs, with no intention to liquidate the company.

This will result in a change in the list of major shareholders in the company, the statement added.