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RIYADH: Saudi-listed East Pipes Integrated Co. for Industry saw its share price decline by 1.14 percent, despite the shareholder’s recent approval to raise 50 percent of the company’s capital.
The pipe manufacturer’s share price reached SR47.70 ($12.6) at the closing of Thursday, according to a bourse filing.
On Thursday, it announced its shareholders voted to raise 50 percent of the company's capital.
The company is increasing its current capital of SR210 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.