Sadara Chemical completes capital hike to SAR 34.88 bln

Sadara Basic Services Co., said it parent Sadara Chemical Co., has increased its capital to SAR 34.88 billion from SAR 31.69 billion through a contribution of shareholders’ loans, the listed-company said in a bourse statement.

Sadara has also amended and restated all provisions of its articles of association on Wednesday Nov. 8, 2017 to reflect the capital hike.

The capital increase and the amendments of articles of association were previously approved by shareholders of Sadara, Excellent Performance Chemicals Co. and Dow Saudi Arabia Holding B.V.

Following the capital hike, the number of shares increased to 3.169 billion shares from 2.91 billion shares.

Sadara is 65 percent owned by Saudi Aramco and 35 percent by American- Dow Chemicals, according to data compiled by Argaam.

 Sadara’s owners have retained their original stakes after the increase.

 The capital increase does not result in any financial impact on Sadara Basic Services Co., the company added.