Saudi Chemical Co. Holding (SCCH)’s shareholders approved amending “article six” of the articles of association during the extraordinary general assembly meeting held on Feb. 5.
Shareholders ratified amending the minimum capital for companies established in accordance with the new Companies Law, according to a statement to Tadawul.
The previous article of association states that the company is obligated to participate in other companies in a proportion that enables it to control them through ownership or management, and it may also establish companies on its own with limited liability or closed shareholding, provided that the capital is not less than SAR 5 million.
However, shareholders approved amending the article to stipulate that the company is obligated to participate in other companies in a proportion that enables it to control them through ownership or management, and it may also establish individual companies with limited liability or closed shareholding, provided that the capital is not less than SAR 500,000.
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