| Element List | Explanation |
|---|---|
| Date of posting the previous announcement on Tadawul’s website | 2019-01-21 Corresponding to 1440-05-15 |
| Change Details on development | Further to the announcement made by the Saudi Steel Pipe Company on 21 January 2018, with respect to the acquisition of 47.79% of the shareholding of the Company by Tenaris Saudi Arabia Co. Ltd. , the Company has been informed that prior to the completion of the acquisition Tenaris did not own any shares in the Company and after the transaction, Tenaris owns 47.79% of the shares in the Company. There are no persons acting in concert with Tenaris in respect of the acquisition. |
As a shareholder of 47.79% of the share capital of the Company, under Article 24(a) of the Merger and Acquisitions Regulations, Tenaris cannot sell any shares of the Company owned by it for a period of six months of the acquisition without the prior approval of the Capital Market Authority. Further, Tenaris does not have any other significant rights or obligations under relevant laws and regulations as a result of the acquisition other than its rights and obligations as a shareholder of the Company under the Companies Law and the Company’s bylaws.
The board of the Company appreciates Tenaris plan to remain committed to the growth of the Company and is of the view that this will be positive for the Company’s activities, shareholders and employees.
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.