Sabic affiliate increase capital
Posted: 03 December 2007
 Send this article
 Print this article
Sabic affiliate Arabian Industrial Fibers Company approved the General Investments Fund (GIF) as a partner in Ibn Rushd, a company statement said.
It also approved increasing Ibn Rushd’s capital from SAR3.55 billion to SAR 8.51 billion; Capital restructuring by issuing new shares through the conversion of debts owed to the GIF as well as debts owed to Sabic; Addition of the cost of the Sabic owned Acetic acid Plant at Ibn Rushd’s complex to Ibn Rushd’s capital; Waiver of the right of priority of subscription for new shares.
According to the statement, it has also approved the amendment of Article 3 of the Corporate Articles of Association; Amendment of Articles 7 and 8 and 45 relating to capital and partners ownership percentage in addition to the amendment of Articles 16 and 20 of the Articles of Association concerning the members of the board of directors and their respective remunerations.
Previously, Ibn Rushd approved a comprehensive strategic plan, designed to convert the company from loss to profit through the application of initiatives being implemented on the basis of extensive stu dies. |
