RIYADH: Saudi-listed East Pipes Integrated Co. for Industry announced its shareholders voted to raise 50 percent of the company’s capital.
The pipe manufacturer is increasing 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 one share held through the capitalization of SR105 million from retained earnings.