Saudi Chemical’s subsidiary raises capital to SAR 50 mln
Saudi Chemical Co.’s board of directors approved a capital hike for the firm's fully-owned subsidiary, Saudi Chemical Co. Ltd., to SAR 50 million from SAR 1 million, the company said in a bourse statement.
The step aims to strengthen and boost financial position. The financial impact of the capital hike will reflect on Q2 2019.
The capital hike is financed by the Saudi Chemical Co. through the mutual current accounts between both companies.