Logo ofSaudi Steel Pipe Co.
Saudi Steel Pipe Co.’s board, in a meeting held today, Feb. 19, approved the start of the voluntary liquidation procedures of the company’s wholly owned subsidiary, Titanium Steel Manufacturing Co. Ltd., with SAR 32 million capital. 
The board also gave a nod to the appointment of the liquidator pursuant to the Companies Law and its implementing regulations, the company said in a statement to Tadawul.
The liquidation move comes in line with the company’s focus on core tubular and services businesses for the oil gas and industrial construction applications.
Saudi Steel Pipe also expects the financial impact from the liquidation to be immaterial and to be included in its consolidated financial statements upon completion of the liquidation process.
According to Argaam’s data, Saudi Steel Pipe announced in March 2021 that its subsidiary Titanium Steel Manufacturing Co. entered into a final agreement to sell its main operating assets to Koch Chemical Technology Group Saudi Arabia Limited, in a deal worth $9.7 million (SAR 36.3 million).
Logo ofSaudi Steel Pipe Co.
Saudi Steel Pipe Co.’s board, in a meeting held today, Feb. 19, approved the start of the voluntary liquidation procedures of the company’s wholly owned subsidiary, Titanium Steel Manufacturing Co. Ltd., with SAR 32 million capital.
The board also gave a nod to the appointment of the liquidator pursuant to the Companies Law and its implementing regulations, the company said in a statement to Tadawul.
The liquidation move comes in line with the company’s focus on core tubular and services businesses for the oil gas and industrial construction applications.
Saudi Steel Pipe also expects the financial impact from the liquidation to be immaterial and to be included in its consolidated financial statements upon completion of the liquidation process.
According to Argaam’s data, Saudi Steel Pipe announced in March 2021 that its subsidiary Titanium Steel Manufacturing Co. entered into a final agreement to sell its main operating assets to Koch Chemical Technology Group Saudi Arabia Limited, in a deal worth $9.7 million (SAR 36.3 million).
