Corrected: GIF takes 33% stake in Arabian Industrial Fibers

03 December 2007 09:03  [Source: ICIS news]

Correction: In the ICIS news story headlined "GIF takes 33% stake in Arabian Industrial Fibers" dated 3 December 2007, please read in the second paragraph ...Saturday... instead of ...Sunday... A corrected story follows.

MUMBAI (ICIS news)--General Investments Fund (GIF) has become a 33.52% stakeholder of Arabian Industrial Fibers Co (Ibn Rushd), the company said.

The move makes GIF the second-largest shareholder in the company behind Saudi Basic Industries Corp (SABIC), which holds a 45.19% share in the company, Ibn Rushd added following an extraordinary general meeting on Saturday.

At the meeting, shareholders also approved an increase in the company’s capital to $2.28bn from $950m via capital restructuring through issuing new shares, it added.

The company would add the value of SABIC-owned acetic acid plant at Ibn Rushd's complex to its capital, it said.

By: Isha Jha
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