Sidc’s affiliate boosts capital

09/04/2012 Tadawul

The board of directors of Saudi Industrial Development Company (SIDC) approved (on April 8, 2012) the capital increase of affiliated SIDC Commercial Investment Co from SAR 1 million to SAR 10 million.

The increase will be financed by transferring SAR 9 million of outstanding debt to the capital, securing a 5% stake in affiliated Global Marketing Company for Sleeping Systems (Sleep High) and the Arab Spring & Foam Mattresses Manufacturing Company (Sleep High – Egypt).

The board also approved the waiver of Mr. Ibrahim bin Abdullah Al-Humaidi of his 5% stake in SIDC Commercial Investment Company to Sidc Investment Projects Co., a move that falls in the framework of ownership restructuring.

As a result, the company will be 95% owned by SIDC and 5% by Sidc Investment Projects Co.

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