SAIC pumps SAR 101.3 mln into TAQA capital raise

20/05/2015 Argaam

Saudi Advanced Industries Co. (SAIC) said in a bourse statement on Wednesday that it has invested SAR 101.3 million towards the capital increase of its subsidiary, Industrialization & Energy Services Co. (TAQA).

 

The funds will be paid in two installments amounting to SAR 50.6 million each.

 

The first installment is being financed from the company’s internal resources, and the second payment will be settled by fourth quarter.

 

Argaam reported in March 2013 on a recommendation by TAQA’s board of directors recommended to raise its capital from SAR 2 billion to SAR 5 billion.

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