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Al-Fakhariya lowers capital to 45.43M Riyals to cover losses
The Saudi Ceramic Pipe Manufacturing Company announced a revision of the Board of Directors' recommendation regarding the capital restructuring. The company will reduce its capital from 150 million SAR to 45.43 million SAR, representing a decrease of approximately 69.71%. The purpose of this reduction is to offset some of the accumulated losses, which amounted to 104.57 million SAR according to the financial results as of the end of June 2026. This will involve canceling 10.46 million shares out of the existing 15 million. The program aims to improve the company's financial position without significantly impacting operations or commitments. Additionally, the company has decided to increase its capital after the reduction through a rights offering of 90 million SAR to support its operational and strategic plans, subject to approval by the regulatory authorities and the extraordinary general assembly.
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