Saudi pipe producer signs SR196-million contract
Chairman of the Board of the Saudi Arabian pipe producer, Amiantit, Farid Khallawi, disclosed that his company had recently signed a 196 million Saudi riyals contract ($52.2 million), as well as approved a plan to hand over three million free stocks to its shareholders, reported Al-Watan newspaper.
The SR196-million contract includes supply of SR 16-million cement pipes to Jeddah municipality, provision of SR 70-million cement pipes to Riyadh. SR 10-million worth of fiberglass pipes are to be provided to Khobar and a SR 35-million supply of fiberglass pipes are intended for the Saudi Aramco Company. An additional SR 41-million contract provides for the supply of both cement and fiberglass pipes to the western regions of Saudi Arabia.
Amiantit also plans to offer free stocks to its shareholders in the future. This move comes after a recent decision by the company’s general assembly to capitalize SR 150 million out of the company’s retained earnings. Amiantit awarded three stocks for every existing eight stocks. Consequently, its capital grew from SR 400 million to SR 550 million. — (MENA Report)
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