Saudi Advanced Industries Co. (SAIC) on Jan. 17 completed the procedures required for liquidating Tasnee and SAIC Polyol and Derivatives Co., as operations had been halted in the joint venture upon mutual agreement.
No financial impact is expected from the liquidation, as the company in 2012 allocated provisions worth SAR 15 million for that purpose, SAIC said in a bourse statement on Sunday.
The joint venture is equally owned by SAIC and National Industrialization Co. (Tasnee).
In Q4 2012, Tasnee and SAIC Polyol’s capital was reduced to SAR 30 million from SAR 140 million.
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