RIYADH: Saudi East Pipes Integrated Co. for Industry, or East Pipes, obtained a Shariah-compliant working capital financing worth SR500 million ($133 million) from Bank Albilad.
The proceeds will be used to “finance the working capital of one the company’s projects”, the Dammam-based company said in a bourse filing.
East Pipes, which joined the Saudi stock exchange earlier this year, was established in 2010 and specializes in manufacturing steel pipes, with a production capacity of up to 500,000 tons of pipes annually that are used to transport water, oil and gas.,
Ahead of listing, the pipes manufacturer had raised SR504 million of proceeds from an initial public offering.
