SAIC reduces affiliate’s capital by 78%

31/12/2012 Argaam

Saudi Advanced Industries Company (SAIC) announces that the partners of affiliated Tasnee & Advanced Polyols and Derivatives Co. (a limited liability company) decided on 31/12/2012 to reduce the company’s capital from SAR140 million to SAR30 million (by 78.57%) as the capital exceeds the company’s needs currently. The differential (SAR 110 million) will be returned to partners after completion of procedures.SAIC owns 50% in the capital of the company, and the reduction will not change ownership ratios or company’s liabilities.

 

Further developments will be announced in due course.

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