| Element List | Explanation |
|---|---|
| Introduction | Arabian pipes Company Announces the Board Recommendation (By Circulation) to Increase the Company’s Capital by Offering Right Issue |
| Date of Board Meeting | 2022-07-17 Corresponding to 1443-12-18 |
| Target Amount | 150,000,000 |
| Reasons for the increase | Supporting working capital, strengthening the company's financial Position, reducing the loans rate, developing and modernizing the company's factories in Riyadh and Jubail, and expanding a number of products supporting pipe services within the company's business. |
| Eligibility date | Shareholders holding shares on the date of the Extraordinary General Assembly meeting in which capital increase through the issuance of right issues was resolved whose names so appear in the register of the Issuer's Shareholders at the Depository Center at the end of the second trading day following the date of the General Assembly's Meeting. |
| Approvals | The recommendation to increase the company's capital is subject to the approval of the related official authorities and the approval of the extraordinary general assembly |
| Appointment of Financial Advisor and Submission of the Capital Increase Application File to CMA | The announcement will be made upon appointing the financial advisor, as well as when the capital increase request file by rights issue file are submitted to the Capital Market Authority. |
| Additional Information | The company would like to clarify that, after reviewing the future needs, the new projects that were obtained and the expected projects, as well as after the meeting held by the Board of Directors with the shareholders on: 05/06/2022 AD and subsequent meetings, the amount of the capital increase was determined at an amount of 150 million riyals. |
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.