On July 21, 2026, Saudi Vitrified Clay Pipes Company announced that its Board of Directors resolved to recommend to the Extraordinary General Assembly a two-step capital restructuring plan. First, the Company proposes to reduce its share capital by 56.856% from SAR 150,000,000 to SAR 64,715,700 by cancelling 8,528,430 shares, with the purpose of offsetting accumulated losses of SAR 85,284,300. Subsequently, following the completion of the capital reduction, the Board recommends increasing the share capital through a rights issue offering totaling SAR 90,000,000, aimed at strengthening the Company's financial position and funding its operational and strategic plans. Al Wasatah Al Maliah Company (Wasatah Capital) has been appointed as financial advisor and underwriter for both transactions, and all steps remain subject to approval by the Capital Market Authority, relevant regulatory authorities, and the Extraordinary General Assembly.

Original announcement:

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