‎East Pipes EGM OKs SAR 71.7M statutory reserve transfer to retained earnings

Shareholders of East Pipes Integrated Company forIndustry approved the board of directors’ recommendation totransferthe statutory reserve of SAR 71.7 million, as reported in the annual financial statements for the year ended March 31, 2025, to retained earnings.

The approval was granted at the extraordinary general meeting (EGM) held on Aug. 18, the company said in a statement.

Shareholders approved authorizing the board of directors to distribute interim dividends on a semi-annual or quarterly basis for the fiscal year 2025-2026, following approval of an amendment to the company’s bylaws, specifically the article related to profit distribution.

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Shareholders also ratified amending the bylaws to align with the new Companies Law and restructuring and renumbering its articles in line with the proposed changes, subject to regulatory requirements.

The general assembly also approved the election of a new board of directors for a four-year term running from Sept. 21, 2025, to Sept. 20, 2029. The board will comprise five independent members — Yazeed Abdulrahman Nasser Altoaimi, Suhail Amin Nathani, Walid Al-Zakri, Aziz Mohammed Mubarak Al-Qahtani, and Faris Abdulrahman Ibrahim Al-Faris — along with three non-executive members: Fahad Mohammed Saleh Al-Hammadi, Vipul Shiv Sahai Mathur, and Viswanathan Hariharan Kollengode.

Shareholders of East Pipes Integrated Company forIndustry approved the board of directors’ recommendation totransferthe statutory reserve of SAR 71.7 million, as reported in the annual financial statements for the year ended March 31, 2025, to retained earnings.

The approval was granted at the extraordinary general meeting (EGM) held on Aug. 18, the company said in a statement.

Shareholders approved authorizing the board of directors to distribute interim dividends on a semi-annual or quarterly basis for the fiscal year 2025-2026, following approval of an amendment to the company’s bylaws, specifically the article related to profit distribution.

Shareholders also ratified amending the bylaws to align with the new Companies Law and restructuring and renumbering its articles in line with the proposed changes, subject to regulatory requirements.

The general assembly also approved the election of a new board of directors for a four-year term running from Sept. 21, 2025, to Sept. 20, 2029. The board will comprise five independent members — Yazeed Abdulrahman Nasser Altoaimi, Suhail Amin Nathani, Walid Al-Zakri, Aziz Mohammed Mubarak Al-Qahtani, and Faris Abdulrahman Ibrahim Al-Faris — along with three non-executive members: Fahad Mohammed Saleh Al-Hammadi, Vipul Shiv Sahai Mathur, and Viswanathan Hariharan Kollengode.