It also approved: Increasing IBN RUSHD's capital from SAR3.55bn to SAR8.51bn; 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%, GIF 33.51%, Saudi Pharmaceutical Industries & Medical Appliances Corporation (SPIMACO) 4.17%, Saudi Arabian Fertilizer Company (SAFCO) 3.70%, Arab Petroleum Investments Corporation (APICORP) 3.45%, Gulf Invents Corporation (GIC) 1.95%, General Organization for Social Insurance (GOSI) 1.73%, Saudi Industrial Development Co. (SIDC) 1.56%, United Gulf Manufacturing Co. 0.9%, National Industrialization Company (TASNEE) 0.87%, Arabian Industrial Development Co. (NAMA) 0.78%, National Industrial Gases Co. (GAS) 0.69%, Saudi Advanced Industries Company (SAIC) 0.62%, Al-Hasa Development Co. 0.42%, Saudi Industries development Company (TATWEER), Alujain 0.11%, 0.29% and Medina Industrial Investments Co. (MIIC) 0.06%.
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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SABIC affiliate IBN RUSHD increases capital to SAR8.51bn
- Saudi Arabia: Monday, December 03 - 2007 at 09:23
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At an extraordinary general meeting held on December 1, 2007, at IBN RUSHD headquarters in Yanbu industrial city, the SABIC affiliate, the Arabian Industrial Fibers Company (IBN RUSHD) approved the General Investments Fund (GIF) as a partner in IBN RUSHD.
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Posted by Anne-Birte Stensgaard, Senior News EditorMonday, December 03 - 2007 at 09:23 UAE local time (GMT+4)
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Othman Al-Humaidi
General Manager, Corporate Communications
About SABIC
Saudi Basic Industries Corporation (SABIC) is one of the world's 10 largest petrochemicals manufacturers. The company is among the world's market leaders in the production of polyethylene, polypropylene and other advanced thermoplastics, glycols, methanol and fertilizers, as well as the fourth-largest polyolefins producer.
SABIC's profit rose to a record SR20.3bn ($5.4bn) in 2006, a 6% increase on 2005. Sales revenues for 2006 totalled SR86.3bn ($23bn), the highest revenues achieved by the company since its inception. Current assets at the end of 2006 were SR74bn ($19.7bn).
SABIC operates six interlinked strategic business units: Basic Chemicals, Intermediates, Specialty Products, Polymers, Fertilizers and Metals. In 2007 SABIC Innovative Plastics was launched as a global supplier of specialty plastics. SABIC has significant research resources and has dedicated Research and Technology and application centers in the Middle East, the Americas, Europe and Asia-Pacific with customers in more than 100 countries. SABIC has more than 30,000 employees worldwide.
In Saudi Arabia, the company has 20 world-scale complexes and 19 of them are located at the two largest sites - in Al-Jubail and in Yanbu. Some of these complexes are operated with multi-national joint venture partners such as ExxonMobil, Shell and Mitsubishi Chemicals. SABIC produces in 22 locations in the Americas and 15 locations in Asia-Pacific. In Europe, SABIC has 15 production sites. There is an additional site in Turkey. SABIC's overall production has increased from 27 million metric tons in 2001 to 49.1m metric tons in 2006.
Headquartered in Riyadh, SABIC was founded in 1976 when the Saudi Arabian Government decided to use the hydrocarbon gases associated with its oil production as the principal feedstock for production of chemicals, polymers and fertilizers. The Saudi Arabian Government owns 70 percent of SABIC shares with the remaining 30 percent held by private investors in Saudi Arabia and other Gulf Cooperation Council countries.
General Manager, Corporate Communications
About SABIC
Saudi Basic Industries Corporation (SABIC) is one of the world's 10 largest petrochemicals manufacturers. The company is among the world's market leaders in the production of polyethylene, polypropylene and other advanced thermoplastics, glycols, methanol and fertilizers, as well as the fourth-largest polyolefins producer.
SABIC's profit rose to a record SR20.3bn ($5.4bn) in 2006, a 6% increase on 2005. Sales revenues for 2006 totalled SR86.3bn ($23bn), the highest revenues achieved by the company since its inception. Current assets at the end of 2006 were SR74bn ($19.7bn).
SABIC operates six interlinked strategic business units: Basic Chemicals, Intermediates, Specialty Products, Polymers, Fertilizers and Metals. In 2007 SABIC Innovative Plastics was launched as a global supplier of specialty plastics. SABIC has significant research resources and has dedicated Research and Technology and application centers in the Middle East, the Americas, Europe and Asia-Pacific with customers in more than 100 countries. SABIC has more than 30,000 employees worldwide.
In Saudi Arabia, the company has 20 world-scale complexes and 19 of them are located at the two largest sites - in Al-Jubail and in Yanbu. Some of these complexes are operated with multi-national joint venture partners such as ExxonMobil, Shell and Mitsubishi Chemicals. SABIC produces in 22 locations in the Americas and 15 locations in Asia-Pacific. In Europe, SABIC has 15 production sites. There is an additional site in Turkey. SABIC's overall production has increased from 27 million metric tons in 2001 to 49.1m metric tons in 2006.
Headquartered in Riyadh, SABIC was founded in 1976 when the Saudi Arabian Government decided to use the hydrocarbon gases associated with its oil production as the principal feedstock for production of chemicals, polymers and fertilizers. The Saudi Arabian Government owns 70 percent of SABIC shares with the remaining 30 percent held by private investors in Saudi Arabia and other Gulf Cooperation Council countries.
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