Riyadh-Mubasher: Saudi Advanced Industries Co. (SAICO) has submitted a non-binding offer to participate with SAR 120.5 million in the capital increase of Saudi Calcined Petroleum Coke Co. (SCPC).
SAICO’s stake will reach 20% after the capital hike, the company said in a bourse statement on Wednesday, adding that the three-month offer is pending due diligence studies.
SCPC aims to increase capital from SAR 70.56 million to SAR 515 million.
The move aims to boost and diversify SAICO’s investments, in line with its strategic plans.
The deal will be financed from the company’s cash sources as well as commercial loans, the statement said.
