Logo of Saudi Steel Pipe Co.
Saudi Steel Pipe Co.’s board, in a meeting held today, Feb. 19, approved the start of the voluntary liquidation procedures wholly-owned subsidiary, Titanium & Steel Manufacturing Co. Ltd., with SAR 32 million capital.
The board also nodded to the appointment of a liquidator, pursuant to the Companies Law and its implementing regulations, the company said in a statement to Tadawul.
The transaction aligns with the company’s focus on core tubular and services businesses for the oil & gas and the industrial & construction applications.
Saudi Steel Pipe also expects the related financial impact to be immaterial after being consolidated its income statement upon the transaction’s…