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SAIC redeems SAR 40m after unit's capital cut

SAIC redeems SAR 40m after unit's capital cut
SAIC redeems SAR 40m after capital cut in unit
SAIC
2120
58.05% 42.20 15.50

Riyadh – Mubasher: The Saudi Advanced Industries Co (SAIC) redeemed SAR 40 million after its unit Obeikan Glass’ extraordinary general meeting (EGM) approved reducing capital.

The subsidiary’s capital decreased to SAR 200 million from SAR 300 million.

Obeikan Glass is a 40%-owned unit of SAIC.

The capital cut’s impact cannot be specified at present, SAIC stated in a bourse filing.