Saudi Vitrified Clay Pipes Revises Share Capital Reduction Proposal

02:30 AM EDT, 08/16/2026 (MT Newswires) -- Saudi Vitrified Clay Pipes (SASE:2360) on Sunday proposed a bigger share capital reduction of 69.71%, compared with the recommendation of a 56.86% cut on July 21. The Tadawul-listed clay pipes and fittings manufacturer will implement the reduction by canceling 10,457,125 shares to write off accumulated losses worth 104.6 million Saudi riyals, according to a Sunday release. The group reiterated its previous recommendation for a subsequent capital raise through a 90 million-riyal rights issue, subject to the approval of regulatory authorities and the extraordinary general assembly.