Arabian Pipes Reaches Five-Month High on Capital Increase Plan
Arabian Pipes Co. (APCO) reached its highest intraday level in five months after its board proposed increasing the Riyadh-based company’s capital by 27 percent through bonus shares.
The shares surged as much as 7 percent to 32.10 riyals before paring the gain to 31.70 riyals at 11:44 a.m. in Riyadh.
The Saudi Arabian maker of steel pipes said its board proposed raising the company’s capital to 400 million riyals ($107 million) by awarding 1.079 bonus shares for every four shares held, according to a statement to the Saudi bourse today.
To contact the reporter on this story: Mourad Haroutunian in Riyadh at email@example.com
To contact the editor responsible for this story: Shaji Mathew at firstname.lastname@example.org