BCI announces ownership developments at affiliate firms

28/03/2012 Argaam

Further to the announcement of the Basic Chemical Industries Company on Tadawul on February 19, 2011 regarding the developments in its affiliated companies, the company announces that:

  1. The required procedures for amending the industrial license and commercial registry of the affiliated Saudi Water Treatment Company were finalized, putting the stake of Chemical Marketing and Distribution Company at 1%, with BCI maintaining its previous 99% stake. As a result, BCI and its affiliated companies now fully own the company.
  2. The foreign partner (Mortar Investment International Limited) has transferred its 53% stake in the National Adhesives Company after obtaining the approval of the General Investment Authority and issuance of the modified industrial license. BCI maintains its previous stake of 47%.

No financial effect on BCI as result of the above developments.
 

 

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