Riyadh - Mubasher: Advanced Petrochemical Company announced on Monday that its investment in the National Industrialization Company (Tasnee) amounts to SAR 462.9 million, according to a bourse filing.

The purchased shares represent slightly less than 6% of the capital of Tasnee which totals 40.1 million shares.

The acquisition of any additional shares in Tasnee will be subject to the decision of Advanced Petrochemical’s investment committee based on the mandate from the company board of directors, the statement indicated.

The acquisitions of these 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, the statement added.

The company also said that the financial impact of the investment will be reflected in the financial statements of the future periods.