Sadara Chemical hikes capital through loans

Sadara Basic Services Co., which is indirectly owned by Sadara Chemical Co. said that Sadara has increased its capital to SAR 31.69 billion from SAR 29.06 billion through loans from partners.

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

Following the capital hike, the number of shares increased to 3.169 billion shares from 2.91 billion shares, the listed company said in a bourse statement.

Sadara 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.

The parent company has also amended and restated all provisions of its articles of association in accordance with the Companies Law to reflect the capital increase.