10:11 AM EDT, 07/21/2026 (MT Newswires) -- Saudi Vitrified Clay Pipes' (SASE:2360) board recommended cutting the company's share capital and subsequently raising it through a rights issue worth 90 million Saudi riyals. The clay pipes and fittings manufacturer said Tuesday it plans to reduce its capital to 64.7 million riyals from 150 million riyals through the cancellation of 8,528,430 shares. The capital reduction is intended to restructure the company's capital to offset accumulated losses. The capital reduction and rights issue are subject to approval from Saudi Arabia's Capital Market Authority, relevant regulatory authorities, and an extraordinary general assembly.

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