TAQA’s GA approves SAR 3 billion capital raise through a rights issue

25/11/2014 Argaam

The General Assembly of Industrialization & Energy Services Company “TAQA” approved on November 19, 2014 to raise its capital from SAR 2 billion to SAR 5 billion through the issuance of SAR 3 billion rights issue for a nominal value of SAR 10 per share.
 

Company’s capital raise aims to keep pace with the expansion of oil, gas production and energy related industries in the region, “Al Riyadh” newspaper reported.


According to Argaam; Taqa specializes in localization of energy-related technology. Several listed companies own stakes in Taqa, including Tabuk Cement, Yamama Cement, and Eastern Province Cement.


Saudi Automotive Services Co. (SASCO) recently sold its entire stake of 4.75m shares in the Industrialization & Energy Services Company (TAQA) for SAR 95m.

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