Arabian Pipes Co has reached its highest intraday level in five months after its board proposed increasing the Riyadh based company's capital by 27% through bonus shares.

The shares surged as much as 7% to SAR 32.1 before paring the gain to SAR 31.7 at 11:44 AM in Riyadh.

According to a statement to the Saudi bourse, the Saudi Arabian maker of steel pipes said its board proposed raising the company's capital to SAR 400 million by awarding 1.079 bonus shares for every four shares held.

(Sourced from www.bloomberg.net)