Sadara Basic Services Co., wholly owned by Sadara Chemical Co., said its parent company, Sadara, had increased its capital by 22.9 percent to SAR 24.19 billion through loans from shareholders.
The number of shares, each valued at SAR 10, has risen to 2.419 billion from 1.969 billion shares. The decision has no financial impact on Sadara Basic Services, it said in a statement to Tadawul.
“The increase represents a contribution of loans, and was undertaken to counteract losses resulting from an increase in the operational activities of Sadara,” it said.
There was no change in ownership percentage after the increase, it added. Performance Chemicals Holding Company owns 65 percent of the shares and Dow Saudi Arabia Holding B.V. controls 35 percent of the shares.
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