Riyadh – Mubasher: Sadara Basic Services Company on Sunday announced that its parent company, Sadara Chemical Company (Sadara), has amended its Articles of Association and raised its capital via loans from shareholders.
Sadara’s capital grew to SAR 35.625 billion from SAR 34.875 billion on the back of a contribution of shareholders’ loans, according to a certificate issued by the chartered accountant of Sadara.
The number of shares rose to SAR 3.562 billion shares from SAR 3.487 billion at an equal value at SAR 10 per share.
Sadara has adjusted and restated all provisions of its articles of association in accordance with the Companies Law proclaimed by Royal Decree No. M/3, Sadara Basic Services, the wholly owned company by Sadara added in a filing to Saudi Stock Exchange (Tadawul).
The amendments include an increase in Sadara’s capital, as resolved by the shareholders of Sadara, Excellent Performance Chemicals Company, and Dow Saudi Arabia Holding, Sadara Basic Services highlighted.
Following the capital increase, each of Sadara’s shareholders has retained their original ownership percentage with Excellent Performance Chemicals Company and Dow Saudi Arabia Holding owning 65% and 35% of all shares respectively.
Sadara’s capital increase does not have any financial impact on Sadara Basic Services Company.
