Sadara Basic Services Company announces that its parent company, Sadara Chemical Company has amended its Articles of Association and increased its capital by way of loans from the shareholders.
Sadara Basic Services Company, being indirectly owned 100% by Sadara Chemical Company (Sadara), announces that Sadara amended and restated all provisions of its articles of association on 08/11/2017 (19/2/1439H) in accordance with the Companies Law promulgated by Royal Decree No. M/3 dated 28/1/1437H.
The amendments also reflect an increase in Sadara capital, as resolved by the shareholders of Sadara, Excellent Performance Chemicals Company and Dow Saudi Arabia Holding B.V., on 18/9/2017 (27/12/1438H). The increase of capital from SR 31,687,500,000 to SR 34,875,000,000 represents a contribution of shareholders loans, as described in a certificate issued by the chartered accountant of Sadara.
The number of shares, each having equal value and each valued at SR10, increased from 3,168,750,000 shares to 3,487,500,000 shares. Each of the shareholders of Sadara has retained its original ownership percentage following the increase, with Excellent Performance Chemicals Company owning 65% of all shares and Dow Saudi Arabia Holding B.V. owning 35% of all shares. The capital increase does not result in any financial impact on Sadara Basic Services Company.For a copy of the restated and amended Articles of Association, please refer to goo.gl/5HojN2