SIDC’s subsidiary to raise capital to SAR 100 mln

Saudi Industrial Development Co. (SIDC) said that the partners at The Global Marketing Co. for Sleeping System (Sleep High), a 100 percent directly and indirectly owned subsidiary, approved a capital increase from SAR 81.3 million to SAR 100 million.

The process will take place through issuing new shares to existing partners, SIDC and SIDC Commercial Investment Co., the Saudi-listed firm said in a bourse statement.

The capital hike, which intends to support the company’s growth and financial position, will be financed from retained earnings, the statement added.