Saudi Steel Pipe offsets accumulated losses from share premium account

Saudi Steel Pipe Co. has transferred SAR 126.79 million from share premium account to retained earnings account to fully offset its accumulated losses account as of Dec. 31, 2018 which represented 24.86 percent of capital, the company said in a bourse statement.

Earlier this month, Saudi Steel Pipe Co.’s shareholders approved transferring SAR 126.79 million from share premium account to offset accumulated losses account as of Dec. 31, 2018, according to data compiled by Argaam.