11
Jul
11:05
Saudi's APC proceeds with capital hike
Arabian Pipes Company (APC)'s shareholders have voted in favour of the board’s recommendation to increase capital by 50% from SAR 100 million ($26.6m) to SAR 150m ($84m), Kallanish notes.
The capital increase will be effected by capitalising SAR 50m of the retained earnings by issuing one share for every two shares held, and the number of shares will increase to 15m from 10m, APC says in a bourse filing.
If the clause is approved, shareholders wil…
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