Riyadh – Mubasher: The shareholders of Saudi Vitrified Clay Pipe Company (SVCP) have rejected a proposal to increase the company's capital during an extraordinary general meeting (EGM) held on 12 July 2026.

The meeting, which recorded an attendance rate of 14.38%, resulted in the disapproval of a SAR 80 million capital hike intended to be carried out through the issuance of 8 million rights issue shares.

The rejection of the capital increase also led to the disapproval of related amendments to Article 7 and Article 8 of the company’s bylaws concerning capital and subscription shares.

Furthermore, shareholders voted against proposed amendments to Article 20 and Article 27 regarding the powers and additional authorities of the board of directors.

Despite these rejections, the assembly approved the appointment of Saleh bin Badr Al Sane as an independent board member. His term commenced on 1 April 2026, and is scheduled to continue until the end of the current board cycle on 17 October 2026.

Al Sane fills the vacancy left by former non-executive director and audit committee member Muayyad bin Issa Al Qurtas.