Amiantit & SISCO raise the capital of “Tawzea”

15/12/2014 Argaam

Saudi Arabian Amiantit Co. and Saudi Industrial Services Company (SISCO) announced raising the capital of their associate company “International Water Distribution Co. Ltd”(TAWZEA) (equally owned by SISCO & Amiantit) today Monday 15/12/2014 .
 

The capital raise is intended to finance the water management projects in the Industrial cities.
 

 The Capital of “TAWZEA” increased from SAR 101mn into SAR 146mn, through the capitalization of the partners’ loans amounted to SAR 45mn, pro-rata according to their stakes (50% of each).

Both companies said that this process has no financial impact on their financial statements.

 

 Amiantit said that it will reclassify the amount of SAR 22.5mn from “other non-current assets” to “investments in associates” on its balance sheet.

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