Nama uses SAR 461 million of its capital increase proceeds to cover deficiency in Hasad project

01/01/2012 Argaam

Nama Chemicals Co. has used SAR 461 million out of its capital increase proceeds to cover financial deficiency in its Hasad project, the company said in a statement to the Saudi bourse, Tadawul.

 

The Saudi Industrial Development Fund is studying a loan request by Nama, it added.

 

Nama, a joint stock company based in Jubail, east of Saudi Arabia, increased its capital in August 2008 to SAR 1.3 billion through offering SAR 780 million rights issue to finance  projects of its affiliates Soda and Jana to double their production of epoxy and sodium hydroxide pellets.

 

It was also planning to double Hasad’s output to 400,000 tons of chemicals.

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