Logo of Saudi Vitrified Clay Pipes Co. (SVCP)
The proposal included the issuance of 8 million rights shares and the corresponding amendments to Articles 7 and 8 of the company’s bylaws relating to capital and subscription shares. 
Shareholders also rejected proposed amendments to Article 20 of the company’s bylaws, which relate to the board’s powers. They also rejected amendments to Article 27, which relates to the board’s additional powers.
Meanwhile, shareholders approved the appointment of Saleh Al-Sanea as an independent board member, effective Jan. 4, 2026, to complete the current board term ending Oct. 17, 2026, succeeding Moayyad Al-Qurtas.
According to data available with Argaam, the Capital Market Authority (CMA) approved SVCP’s request in April 2026 to increase its capital to SAR 230 million via a SAR 80 million rights issue, aimed at addressing accumulated losses and supporting the company’s growth strategy.
The company’s accumulated losses stood at SAR 85.3 million by the end of Q1 2026, representing 57% of its capital.
Logo of Saudi Vitrified Clay Pipes Co. (SVCP)
The proposal included the issuance of 8 million rights shares and the corresponding amendments to Articles 7 and 8 of the company’s bylaws relating to capital and subscription shares.
Shareholders also rejected proposed amendments to Article 20 of the company’s bylaws, which relate to the board’s powers. They also rejected amendments to Article 27, which relates to the board’s additional powers.
Meanwhile, shareholders approved the appointment of Saleh Al-Sanea as an independent board member, effective Jan. 4, 2026, to complete the current board term ending Oct. 17, 2026, succeeding Moayyad Al-Qurtas.
According to data available with Argaam, the Capital Market Authority (CMA) approved SVCP’s request in April 2026 to increase its capital to SAR 230 million via a SAR 80 million rights issue, aimed at addressing accumulated losses and supporting the company’s growth strategy.
The company’s accumulated losses stood at SAR 85.3 million by the end of Q1 2026, representing 57% of its capital.
