Riyadh – Mubasher: Saudi Vitrified Clay Pipe Company (SVCP) announced the non-convening of the extraordinary general meeting (EGM), which was supposed to be held on 14 June 2026.
This is due to the failure to achieve the required legal quorum for the first and second meetings, as the attendance percentage reached 17.53973% and 17.53973%, respectively.
Saudi Vitrified Clay decided to postpone the meeting and invite shareholders to a third meeting, which will be determined and announced later after obtaining the necessary approvals from the relevant authorities.
The meeting was expected to vote on increasing the company’s capital by SAR 80 million to offset accumulated losses equaling 50% of its capital.
The 53.33% capital raise would be implemented through the issuance of 8 million shares, in line with the capital increase structure.
On 3 June, Saudi Vitrified Clay received a SAR 4.64 million purchase order from Bright Trading & Contracting Company Limited.
