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Riyadh – Mubasher: The board of Arabian Pipes Company decided to decrease its accumulated losses of SAR 39.9 million, representing 39.9% of the capital.
The reduction of the accumulated losses aims to lower its balance to reach nearly 0% of the capital, according to a bourse filing on Monday.
Arabian Pipes will use part of its statutory reserves to implement the reduction transaction.
The Saudi listed company noted that the extraordinary general assembly meeting (EGM) approved on 20 February to reduce its capital to SAR 100 million from SAR 400 million to write off its accumulated losses.
It is worth noting that in the third quarter (Q3) of 2021, the company’s losses after Zakat and tax stood at SAR 16.80 million, an annual surge of 380% from SAR 3.50 million.
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