Arabian Pipes to vote on covering losses from statutory reserve on June 20

Arabian Pipes Co.’s shareholders are set to vote on transferring SAR 39.4 million from statutory deposit account to offset accumulated losses as of Dec. 2018, during the general assembly meeting that will be held on June 20, 2019, the company said in a bourse statement.

Shareholders will also vote on a board recommendation to pledge the additional equipment and machinery of Riyadh and Al Jubail plants in favor of the Saudi Industrial Development Fund in order to obtain a loan from the fund.