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Addendum announcement from Arabian Pipes Company regarding the recommendation of the Board of Directors to end the term of the current Board of Directors.
| Element List | Explanation |
|---|---|
| Introduction | Referring to the company's announcement dated 02-03-1444 AH corresponding to 28-09-2022 AD regarding the recommendation of the Board of Directors dated 3-1-1444 AH corresponding to 27-09-2022 AD to end the term of the current Board of Directors, which began on 23-05-2021 AD and ends on 24-05-2024 AD. |
| Date of Posting the Previous Announcement of Development on Tadawul's Website | 2022-09-28 Corresponding to 1444-03-02 |
| Hyperlink to the Previous Announcement | Click Here |
| Change on the Development | Arabian Pipes Company announces that the Board of Directors decided during its meeting on Thursday corresponding to May 04, 2023 AD to cancel its previous recommendation to end the term of the current Board of Directors .This is due to the developments during the last period in light of the existing projects and their size, which exceeds 1 billion, of which SR 555 MM were contracted after the board previous recommendation to end the term, which required bank facilities from many banks to finance these projects to ensure their completion according to the agreed schedules and the continuity of work. This had a positive impact on improving the financial position and financial results of the company during the last period, which requires more stability in the company's performance. During this period, the interest of the company and its shareholders was considered by the Board of Directors, and the company’s financial contracts and dealings with its customers were not affected, and due to the near end of the current board of directors term, the company will announce the opening of candidacy for the next new session on November 01, 2023 AD. |
| Financial Impact on the change | None |
| Additional Information | None |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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