Saudi-based ASG Plastic Factory Company has announced that it has won approval from its board of directors to increase the capital of its wholly-owned subsidiary, ASK Pipes Company, to SAR15 million ($4 million) from SAR250,000 ($66586), registering nearly a sixty-fold rise.
Saudi finance ministry has acquired an 86% stake in Saudi Binladin Group Holding after the company’s AGM approved a capital hike through conversion of outstanding debt into shares. Under the restructuring, the group’s liabilities are estimated at SAR23.3 billion ($6.2 billion).
