Advanced Petrochemical pays SAR 462.9 mln for Tasnee stake

Advanced Petrochemical Co. paid SAR 462.9 million for its 6 percent stake in Tasnee (National Industrialization Co), the company said in a statement.

“The acquisitions of these strategic shares were effected through a series of on-market transactions over the period of more than a year and were funded by internal resources of the Company,” Advanced added.

Under the deal, Advanced and a subsidiary— which was not named— will have 40 million shares. Financial impact will be reflected throughout the coming quarters.

The company said in July that it paid SAR 387 million for a stake in a Saudi-listed company, without giving details at the time.