East Pipes Integrated Company for Industry

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According to its Bylaws and Investment License, the Companys activities comprise the following: Manufacture of pipes. Manufacture of pipes, tubes and hollow shapes from iron and steel. Manufacture of tubes, pipes, hollow forms, and pipes and tubes connections. Processing and painting metals by refinement and polishing.

Company History

The Company was established on 16/06/1431H (corresponding to 030/05/2010G) under the name Pipe Development for Pipe Manufacturing Company as a limited liability company with a fully paid up capital of five hundred thousand Saudi Riyals (SAR 500,000) divided into fifty thousand (50,000) cash shares with a fully paid up nominal value of ten Saudi Riyals (SAR 10) per share. It was registered in the Commercial Register of Dammam under No. 2050071522 dated 22/07/1431H (corresponding to 07/04/2010G). The Company was also licensed by the Ministry of Investment under Industrial Investment License No. 121031118992 dated 22/07/1431H (corresponding to 07/04/2010G). On 09/11/1431H (corresponding to 17/10/2010G), the shareholders agreed to increase the Company s capital from five hundred thousand Saudi Riyals (SAR 500,000) to seventy six million, forty six thousand, eight hundred seventy five Saudi Riyals (SAR 76,046,875), divided into seventy six million, forty six thousand, eight hundred seventy five (76,046,875) shares. The nominal value of the shares was reduced to the value of one Saudi riyal (SAR 1) each. The increase of seventy five million, five hundred forty six thousand, eight hundred seventy five Saudi Riyals (SAR 75,546,875) was covered through in kind shares provided by the shareholders. On 18/12/1431H (corresponding to 24/11/2010G), the shareholders agreed to change the Company s name from Pipe Development for Pipe Manufacturing Company to Welspun Middle East Pipes Company. On 21/09/1441H (corresponding to 14/05/2020G), the Shareholders agreed to merge Welspun Coating with all of its assets, rights, liabilities and obligations into the Company under a merger agreement between the Company s shareholders and the shareholders of Welspun Coating on 21/09/1441H (corresponding to 014/05/2020G), whereby the shareholders agreed that (i) Welspun Coating shall merge with the Company, (ii) Welspun Coating shall cease to exist as a separate legal entity, and (iii) the Company shall continue to exist as the surviving entity after the merger is complete. The merger process was completed on 30/11/1441H (corresponding to 21/07/2020G), and Welspun Coating became a branch of the Company. On 05/02/1442H (corresponding to 22/09/2020G), the Company was converted from a limited liability company to a joint stock company, pursuant to Ministerial Resolution No. 7 announcing such conversion, with a fully paid up capital of seventy six million, forty six thousand, eight hundred eighty Saudi Riyals (SAR 76,046,880), divided into seven million, six hundred four thousand, six hundred eighty eight (7,604,688) ordinary shares with a nominal value of ten Saudi Riyals (SAR 10) per share.

Company Bylaws

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Equity Profile

Authorized Capital (^)315,000,000
Issued Shares31,500,000
Paid Capital (^)315,000,000
Par Value/Share10
Paid Up Value/Share10

Last Update :2022-10-20

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Investment limits

There are no investment limits on the company’s shares as per the amended Rules for Qualified Foreign Financial Institutions Investment in Listed Securities and Instructions for the Foreign Strategic Investors Ownership in Listed Companies based on Company’s bylaw and the issued Instructions by related regulators and supervisory authorities.