Riyadh –  The board of Arabian Pipes Company has recommended to increase the company’s capital through a SAR 150 million rights issue.

The proposal aims to support the company’s working capital and strengthen its financial position, according to a bourse filing on Sunday.

Meanwhile, the recommendation is subject to the approvals of related authorities and the extraordinary general meeting (EGM).

Last March, the Capital Market Authority (CMA) approved Arabian Pipes’ request to raise its capital to SAR 400 million from SAR 100 million.

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