Financial and Banking News


NIC Shareholders Approve Halving of Capital

The chairman of the board of the National Industrialization Company (NIC) of Saudi Arabia, Dr. Mahsun Jalal, has announced that the company's shareholders have voted to split the value of its SR100 stock into SR50 denominations and to reduce NIC's capital from SR600mn ($160mn), 50% of which was to be paid up, to SR300mn ($80mn) fully paid up. Dr. Jalal said that the reduction in capital will...