JEDDAH, 1 April 2006 -- Nama Chemical Co. got the approval of the Saudi Capital Market Authority last Tuesday on its capital hike, which it will use for the buyout of the 49-percent stake of other shareholders in its affiliate Jubail Chemical Industries Company (JANA).
JANA's shareholders will receive new shares of Nama in return for their stake. Therefore, Nama will increase its capital from SR650 million ($173.3) to SR680 million ($181.3 million). Nama increased its annual epoxy production in JANA's plant in 2004 from 20,000 to 30,000 metric tons. Nama is also expanding its own epoxy production to reach 60,000 metric ton per year by 2007.
By Wael Mahdi
© Arab News 2006
