Mubasher: Saudi Advanced Industries Co. (SAIC) on Sunday announced the completion of the procedures required for liquidating its subsidiary Tasnee & Advanced Polyols & Derivatives Co.

The liquidation was carried out with the agreement of all partners due to the termination of the project.

The Saudi-based company owns 50% stake in Tasnee & Advanced Polyols & Derivatives Co. which reduced its capital from SAR 140 million to SAR 30 million in the fourth quarter of 2012, according to the company’s statement to Tadawul.

No financial impact will result from the liquidation process on SAIC, which allocated provisions for its total capital shares of SAR 15 million, after the reduction in 2012, the statement confirmed.

In December, SAIC said it received an initial offer to sell its total 10% stake in AlSalam Aircraft Company for SAR 100 million.

By 10:58 am Saudi time, SAIC’s stock slid 0.44% to SAR 13.54.