Riyadh – Mubasher: Saudi Chemical Co’s board has proposed transferring the firm’s explosives segment to its wholly-owned subsidiary Saudi Chemical Co. Ltd.
The board explained that the reason for this move is to reduce the sector’s risks on the holding company and maintain the risks and their impact in the subsidiary.
The transfer process will have no financial impact on the firm, Saudi Chemical said in a statement to the Saudi Stock Exchange (Tadawul) on Sunday.
Under the move, the Saudi-listed chemicals firm will move and transfer all of the sector’s branches, sites, factories, fixed assets, and employees to its subsidiary.
This decision is effective 1 January 2019 after receiving regulatory approvals.
Saudi Chemical Co’s stock closed Sunday in the green, having added 3.13% and reached SAR 32.90.