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.

To contact the reporter on this story: Mourad Haroutunian in Riyadh at mharoutunian@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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