Sadara Chemical Co. (Sadara) has amended its articles of association on March 30 to increase its capital by 4.02 percent to SAR 29.06 billion from SAR 27.94 billion through shareholders’ loans, according to a statement.
The capital hike aims to offsett losses resulting from an increase in Sadara’s operating activities.
Sadara’s shares increased to around 2.9 billion shares from about 2.8 billion shares at SAR 10 per share.
The shareholders of Sadara have maintained their equities with Excellent Performance Chemicals Company’s stake still at 65 percent and Dow Saudi Arabia Holding at 35 percent.
The capital increase does not have any financial impact on Sadara Basic Services, which is fully owned by Sadara.