East Pipes Integrated Company for Industry is a Saudi joint-stock company listed on the Saudi Stock Exchange (Saudi Tadawul). Its shares are traded on the main market platform within the Basic Materials sector under the trading name "East Pipes" with the local symbol (1321) and ISIN (SA15GH80KKH0).
East Pipes Integrated Company for Industry was established in May 2010 and is headquartered in Dammam. It was listed on Saudi Tadawul in February 2022, with a capital of SAR315 million.
History of East Pipes Integrated Company for Industry
East Pipes Integrated Company for Industry was initially established on May 30, 2010, under the name Pipe Development Company for Pipe Production as a limited liability company with a capital of SAR500,000, divided into fifty thousand fully paid cash shares with a nominal value of SAR10 per share. It was registered in the commercial register in Dammam City under number 2050071522 on July 4, 2010. The company was also licensed by the Ministry of Investment under Industrial Investment License No. 121031118992 dated July 4, 2010, on October 17, 2010. The partners agreed to increase the company’s capital to approximately SAR76 million, divided into seventy-six million shares, by reducing the nominal value of the shares to SAR1. The increase was fulfilled through in-kind contributions from the partners. On November 24, 2010, the partners agreed to change the company’s name from Pipe Development Company for Pipe Production to Welspun Middle East Pipes Company. On May 14, 2020, the partners agreed to merge Welspun Pipe Coating Company with all its assets, rights, liabilities, and obligations into the company under a merger agreement between the partners of the company and the partners of Welspun Pipes Coating Company dated May 14, 2020. The partners agreed to (1) merge Welspun Pipe Coating Company into the company. (2) Terminate the separate legal existence of Welspun Pipe Coating Company. (3) The company will continue its legal existence as the surviving entity after the merger. The merger was completed on July 21, 2020, and Welspun Pipe Coating Company became a branch of the company. On September 22, 2020, the company transitioned from a limited liability company to a joint-stock company, under Ministerial Resolution No. 7, which declared the company's transformation into a joint-stock company on September 22, 2020, with a fully paid capital of SAR76 million, divided into 7.6 million ordinary shares with a nominal value of SAR10 per share.
Business Activities of East Pipes Integrated Company for Industry
The primary activity of East Pipes Integrated Company for Industry is the manufacture of pipes, tubes, and hollow shapes from iron and steel, in accordance with its bylaws and investment license. This includes the production of pipes, tubes, hollow shapes, and pipe or tube fittings, as well as the processing and coating of metals through polishing and finishing.
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