SAIC affiliate approves capital hike to SAR 240 mln

05/02/2019 Argaam

 

Saudi Advanced Industries Co.’s (SAIC) 40 percent owned affiliate, Al Obaikan Glass Co., approved a capital hike to SAR 240 million from SAR 200 million, the company said in a bourse statement.

 

The process will take place through capitalizing related parties’ line item in Al Obaikan Glass financials.

 

SAIC’s share of the capital hike is SAR 15 million representing previous dues owed to the firm by its affiliate.

 

The capital hike, which intended to match the company’s growth and support its financial position, will not affect SAIC’s stake at Al Obaikan glass.

 

The Saudi listed firm added that it has already received SAR 40 million representing its share of a previous capital cut process.

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