Arabian Pipes Rises to Six-Month High on GS Engineering Contract
Arabian Pipes Co. surged to the highest in almost six months after the Saudi maker of steel pipes won a 315 million-riyal ($84 million) contract to supply 420 kilometers (260 miles) of pipeline to GS Engineering & Construction Corp.
Arabian Pipes rose 9.9 percent, the most since Dec. 14, to 30 riyals, the highest since July 11, at 11:01 a.m. in Riyadh.
The company also bought Yadong Anti-Corrosion International Co.’s 50 percent stake in Arabian Yadong for Packaging Co. Ltd. for 9.6 million riyals. Arabian Pipes now owns 100 percent of Arabian Yadong.
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