Riyadh – Mubasher: The Capital Market Authority (CMA) has approved Arabian Pipes Company’s request to increase its capital through a SAR 300 million rights issue.
The CMA issued its approval after the company fulfilled all the conditions and requirements for the capital increase file, according to a bourse disclosure on Sunday.
The company is expected to raise the capital from the current SAR 100 million to SAR 400 million.
It is worth noting that in February, the board of Arabian Pipes gave a green light for reducing the company’s SAR 39.90 million accumulated losses, which represented 39.90% of the SAR 100 million capital.
