Sadara Chemical increases capital by 15%

Sadara Basic Services Co.’s parent company Sadara Chemical (Sadara) has increased its capital by 15.5 percent to SAR 27.94 billion, Sadara Basic said in a statement to the Saudi bourse.

There increase will not have financial impact on Sadara Basic Services, which is 100 percent owned by Sadara Chemical.

“The increase represents a contribution of shareholders’ loans, and was undertaken to counteract losses resulting from an increase in the operational activities of Sadara,” the company said in the statement.

The shareholders of Sadara have maintained their original ownership percentage, with Excellent Performance Chemicals Company still at 65 percent and Dow Saudi Arabia Holding at 35 percent.