Riyadh – Mubasher: East Pipes Integrated Company for Industry’s ordinary general meeting (EGM), held on 27 July 2026, approved a mandate authorizing the board of directors to distribute interim dividends on a quarterly or semi-annual basis for fiscal year (FY) 2026/2027.
The meeting, which recorded a 47.60% attendance rate, also saw shareholders approve the financial statements and board report for the fiscal year ended on 31 March 2026.
The assembly ratified several related-party transactions with Welspun Corp Limited, including a pipe procurement contract valued at SAR 112.17 million and a machine purchase agreement worth SAR 712,500.
A smaller scrap pipe supply contract with Welspun Pipes for SAR 100,704 was also approved.
Shareholders appointed Ernst & Young as the external auditor for the upcoming fiscal periods, with fees set at SAR 500,000.
Additionally, the assembly approved an additional payment of SAR 40,000 to the auditor for reviewing related-party transactions.
The meeting concluded with the approval of SAR 3.55 million in remuneration for board and committee members for the fiscal year ended 31 March 2026, and the discharge of board members from liability for the same period.
Earlier this month, the listed company signed a SAR 64 million contract with Road Support Contracting Company for the manufacture and supply of steel pipes.
