Nama Chemicals jumps on shareholder demand to dissolve board

Riyadh: Shares in Saudi Arabia’s Nama Chemicals rose 4.3 per cent to 30.55 riyals in heavy volume. Shareholders owning more than 5 per cent of company have requested a meeting to consider dissolution of board and election of new one. Company, which posted Q3 net profit after tax of 749,000 riyals ($200,000) versus year-earlier loss of 2 million riyals, will announce date for general assembly meeting after obtaining approvals from authorities.

Nama Chemicals has been planning capital increase through bonus share issue.

Stock has risen 71 per cent so far this year from multi-year lows.