Riyadh – Mubasher: The board of directors of the National Petrochemical Company (Petrochem) approved to cut the capital of its 65% owned subsidiary, Saudi Polymers Company, during its meeting on 24 September 2019.

The capital will be reduced to SAR 1.406 million from SAR 4.800 million, subject to the approval of competent authorities, according to a disclosure to the Saudi Stock Exchange (Tadawul) on Wednesday.

The company further remarked the difficulty of measuring the financial impact at the moment, noting that it will provide any further information in due course.