Saudi Advanced Industries Co. (SAICO) said, with reference to its announcement about signing an agreement with Deutsche Gulf Finance, that the latter held an extraordinary general meeting on Oct. 19, 2014.
Shareholders approved raising capital to SAR 571 million.
SAICO will own 18,181,818 shares, or 31.84 % of the home finance company’s capital after the capital increase.
The relevant financial impact will materialize in Q4 2014.