The extraordinary general meeting (EGM) of the Saudi Chemical Company has approved an amendment to the second clause in the company’s articles of association.
Upon the amendment, the company’s name will be changed from Saudi Chemical to Saudi Chemical Holding, according to bourse statement released on Wednesday.
The EGM also approved to raise the firm’s capital through bonus shares. The fluctuation limits, therefore, will be set based on a share price of SAR 24.48 on Wednesday, 19/1/1441 H or 18 September 2019.
It is worth noting that Saudi Chemical’s net profits after zakat and tax grew 11.15% year-on-year to SAR 30.9 million in the second quarter of 2019.