Steel Pipe’s shareholders to vote on offsetting accumulated losses on May 7

Saudi Steel Pipe Co.’s shareholders are set to vote on transferring SAR 126.79 million from share premium account to offset accumulated losses account as of Dec. 31, 2018 during the general assembly meeting that will be held on May 7, 2019.

Shareholders will also vote on a board recommendation to hold off on issuing a cash dividend for fiscal year 2018.

Meanwhile, they will elect board members for the upcoming three-year term starting on June 7, 2019.

The company’s accumulated losses as of Dec. 31, 2018 reached 24.86 percent of capital, according to data compiled by Argaam.