Middle East Economic Survey

VOL. LI

No 4

28-January-2008

SAUDI ARABIA

SABICs Plan To Raise Capital By 20% Receives Capital Market Authority Approval

Saudi Basic Industries Corporation (SABIC) has received approval from the Saudi Capital Market Authority for its plan to increase its capital by 20%, according to a statement posted on the Tadawul stock exchange on 21 January. SABICs capital will rise from SR25bn ($6.7bn) to SR30bn ($8bn). SABIC will issue one-for-five bonus shares to raise the...