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The general assembly of Arab Petroleum Investments Corporation’s (APICORP) has ratified an increase in callable capital to $8.5 billion, from $1 billion.
It has also increased the authorized capital to $20 billion and subscribed capital to $10 billion. $500 million will also be transferred from the corporation’s general reserves and retained earnings into its issued and fully-paid capital.
The increase is the largest in the corporation’s history, APICORP said in a statement.
APICORP provides commercial lending and financing services in oil and gas sectors. The development bank is wholly-owned by the Organisation of Arab Pretroleum Exporting Companies (OAPEC) and has most of its business in Saudi Arabia.
“As we enter the next stage of APICORP’s growth story and build upon its longstanding reputation as a trusted financial partner to the Arab energy industry, the capital increase will enable APICORP to fulfil its policy mandate by continuing to deliver sustainable impact-driven development projects and supporting investment activities,” Ahmed Ali Attiga, Chief Executive Officer of APICORP said.
APICORP posted a 17 percent increase in net recurring income to $112 million in 2019, up from $96 million at the end of 2019.
(Writing by Gerard Aoun; editing by Seban Scaria)
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