Riyadh – Mubasher: The Saudi Chemical Co announced that its fully-owned subsidiary the Saudi Chemical Co Ltd raised its capital by 4900% to become SAR 50 million from SAR 1 million.

The capital hike aims to enhance the Saudi Chemical Co Ltd’s fiscal position, according to a recent statement to the Saudi Stock Exchange (Tadawul).

On 7 May, the Saudi Chemical Co Ltd’s board has approved the capital hike, the statement said, noting that the financial impact of this increase will be registered in the second quarter of 2019.