Saudi pipe producer Amiantit’s General Assembly recently approved raising the company’s capital from 550 million Saudi riyals to SR 650 million ($173 million), reported Al-Sharq Al-Awsat /i>. The increase will be financed by injecting the majority of the company’s profits from 2001 into its capital.
As a result two free shares will be distributed for every existing 11 shares. Executive Director of Amiantit, Farid Khalawi, stated that the company’s total shares will increase from 11 million to 13 million following an agreement signed with the Saudi Arabian Monetary Authority.
Amiantit is an industrial organization engaged in manufacturing piping systems, insulation and rubber products, supply of advanced pipe technologies and water management business. It serves the needs of municipal, industrial, agricultural and energy markets. — (menareport.com)
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