Riyadh - Mubasher: Nama Chemicals announced that its plan to restructure the company includes selling all or part of its subsidiary, Nama Industrial Investment Co.
The sale value will be used to finance the core activities of the company or to pay some debts or to distribute profits over the shareholders or to be used for more than one of these options, according to a bourse filing on Thursday.
The plan also includes increasing the capital to finance the company’s production of specialised chemical products, adding to boosting the production capacity of the subsidiary factories.
The board is considering increasing the company’s capital through rights issue at a value of SAR 400 million.
Nama Chemicals approved on 28 December reducing the company's assets by SAR 655 million.
The company appointed an international expertise house to set value for the assets, due to the decrease of the profit margin in the last years as a result of low prices.
