Sadara Chemical Company (Sadara) amended its articles of association on Tuesday to reflect a 21.3 percent increase in its capital from SAR 9.69 billion to SAR 11.76 billion, according to a bourse statement issued by Sadara Basic Services, which is indirectly 100 percent-owned by the company.
 
The capital raise was recommended and approved by Performance Chemicals Holding Company and Dow Saudi Arabia Holding B.V., the shareholders of Sadara.
 
The number of shares increased accordingly to 1.176 billion shares with a SAR 10 par value each.
 
Sadara said the raise was financed through loans secured to counteract losses incurred from its operational costs.
 
Sadara Shareholders retained their original stakes after the increase, with Performance Chemicals Company owning 65 percent, and Dow Saudi Arabia Holding B.V. owning 35 percent.
 
Sadara Chemical is a $20 billion joint venture between Saudi Aramco and Dow Chemicals Company. Located in Saudi Arabia’s Jubail Industrial City, it is considered the world’s largest chemicals complex built in a single phase with 26 integrated manufacturing plants, according to data compiled by Argaam.

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