Saudi Arabian Amiantit Co. and Saudi Industrial Services Co. (SISCO) announced on Monday the increase of the share capital of International Water Distribution Co. Ltd (TAWZEA), an associate company owned equally by SISCO and Amiantit.
Such increase is required to execute the water management projects in the industrial cities, according to the statements of both companies.
The increase was carried out from SAR 101 million to SAR 146 million, via conversion of the shareholders’ loans (SAR 45 million) into share capital, pro-rata to their percentage of shareholdings (50% of each).
Both companies aid the operation will have no impact on their financial statements.
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