Riyadh – Mubasher: The shareholders of Advanced Petrochemical Company approved the board’s recommendation to increase the share capital to SAR 2.164 billion from SAR 1.967 billion through bonus shares by one share for every ten held shares.

Advanced Petrochemical’s shares will, therefore, soar to 216.473 million from 196.794 million, a 10% hike, according to a disclosure to the Saudi Stock Exchange (Tadawul) on Wednesday.

Additionally, the shareholders have approved the formation of the Audit Committee for the next term effective from 1 October 2019 to 30 September 2022. The new committee’s rules of activities, members’ remunerations, in addition to the nominated members were stipulated.

The decisions came during the extraordinary general meeting (EGM) on 18/1/1441 H or 17 September 2019.