Saudi-listed East Pipes seeks shareholders’ approval for 50% capital hike

RIYADH: East Pipes Integrated Co. for Industry has invited its shareholders to vote in favor of a 50 percent increase in the company’s capital.

The pipe manufacturer is looking to increase its current capital of SR210 million ($56 million) to SR315 million through granting bonus shares, according to a bourse filing.

Shareholders will receive 0.5 shares for every share held through the capitalization of SR105 million from retained earnings.