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Sabic Affiliate IBN rushd increases capital to SAR 8.51 bn

03 Dec '07

2 min read

At an extraordinary general meeting held yesterday (December 1, 2007), at IBN RUSHD headquarters in Yanbu industrial city, the SABIC affiliate, the Arabian Industrial Fibers Company (IBN RUSH) approved the General Investments Fund (GIF) as a partner in IBN RUSHD.

It also approved: Increasing IBN RUSHD's capital from SAR 3.55 billion (USD0.95 billion) to SAR 8.51 billion (USD2.28 billion); Capital restructuring by issuing new shares through the conversion of debts owed to the GIF as well as debts owed to SABIC; Addition of the cost of the SABIC owned Acetic acid Plant at IBN RUSHD's complex to IBN RUSHD's capital; Waiver of the right of priority of subscription for new shares; Amendment of Article 3 of the Corporate Articles of Association; Amendment of Articles 7 and 8 and 45 relating to capital and partners ownership percentage; in addition to the amendment of Articles 16 and 20 of the Articles of Association concerning the members of the board of directors and their respective remunerations.

Consequently, IBN RUSHD shareholders' ownership percentage is as follows: SABIC 45.19 percent, GIF 33.51 percent, Saudi Pharmaceutical Industries & Medical Appliances Corporation (SPIMACO) 4.17 percent, Saudi Arabian Fertilizer Company (SAFCO) 3.70 percent, Arab Petroleum Investments Corporation (APICORP) 3.45 percent, Gulf Invents Corporation (GIC) 1.95 percent, General Organization for Social Insurance (GOSI) 1.73 percent, Saudi Industrial Development Co. (SIDC) 1.56 percent, United Gulf Manufacturing Co. 0.9 percent, National Industrialization Company (TASNEE) 0.87 percent, Arabian Industrial Development Co. (NAMA) 0.78 percent, National Industrial Gases Co. (GAS) 0.69 percent, Saudi Advanced Industries Company (SAIC) 0.62 percent, Al-Hasa Development Co. 0.42 percent, Saudi Industries development Company (TATWEER), Alujain 0.11 percent, 0.29 percent and Medina Industrial Investments Co. (MIIC) 0.06 percent.

At a previous meeting, IBN RUSHD's Extraordinary General Assembly approved a comprehensive strategic plan, designed to convert the company from loss to profit through the application of initiatives being implemented on the basis of extensive studies.

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