The advanced company opens 3 investment portfolios for SAR 150m

20/02/2014 Argaam

The Advanced Petrochemical Company announced today the opening of 3 investment portfolios with a total value of SAR 150m after obtaining related authorities’ approvals.

The purpose of these portfolios is diversifying the company’s investments and income sources and will be financed by the company’s internal resources; the company said in its filing to tadawul.

The portfolios will be managed by 3 authorized financial institutions according to the CMA requirements.

These investments will be recorded at fair market value as “Available for sale investments”. Unrealized gains/losses will be recognized in shareholders’ equity as per SOCPA accounting standards. The income statement effect will be realized at disposal of these investments.

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