Logo of Arabian Pipes Co. (APC)
The Capital Market Authority (CMA) approved today, April 28, Arabian Pipes Co.’s request to increase capital from SAR 150 million to SAR 200 million by issuing one bonus share for every three shares held.
Eligible shareholders will be those registered with the Securities Depository Center (Edaa) by the end of the second trading day following the record date, which will be determined later by the company’s board of directors, the market regulator said in a statement.
The planned capital top-up will be funded by transferring SAR 50 million from the retained earnings account, which will raise the number of shares from 150 million to 200 million, with an additional 50 million shares issued.
The CMA stipulated that the extraordinary general meeting (EGM) meeting must be held within six months from its approval date. The company must also complete the necessary legal procedures and requirements.
According to data available with Argaam, Arabian Pipes’ board recommended in February a capital hike to strengthen the company’s capital base, hence supporting future growth plans, as outlined in the following table:
|
Capital Increase Details |
|
|
Current Capital |
SAR 150 mln |
|
Number of Shares |
150 mln |
|
Percentage of Increase |
33% |
|
New Capital |
SAR 200 mln |
|
New Number of Shares |
200 mln |
|
Method |
1:3 bonus issue |
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