Sisco announces the approval of increase in share capital of one of its associate companies (International Water Distribution Co. Ltd)(TAWZEA) (owned equally by SISCO & Amiantit) on Monday 15/12/2014 to support the execution of water management projects in the industrial cities; from SAR 101 M to SAR 146 M, by converting the shareholders loans of SAR 45 M (SISCO share is SAR 22.5 M i.e. 50% of the increase) to the share capital of TAWZEA. This increase in share capital has no change to the shareholding percentage of each shareholder (i.e. 50% each). The legal formalities are currently being undertaken to reflect this increase in share capital of TAWZEA.
SAUDI INDUSTRIAL SERVICES CO. ANNOUNCES THE APPROVAL OF INCREASE IN SHARE CAPITAL OF ONE OF ITS ASSOCIATE COMPANIES
This change will have no impact on the financial statements of SISCO.