Advanced Petrochemical gets nod for diversification funds
The Tadawul All Share Index closed 0.24 per cent higher at 8,988.87 points on Thursday, February 20. SABIC gained 0.66 per cent to SAR114.25. Advanced Petrochemical Company increased by 0.23 per cent to SAR44. Earlier in the day, the firm said that it completed the process of opening three investment portfolios after obtaining approval from the regulatory authorities through signing discretionary portfolio management agreements, with a total value of SAR150 million for the purpose of diversifying its investments and income sources. Three authorised financial institutions, in accordance with the standard agreement as per Capital Market Authority requirements, will manage the portfolios. The financing will be from company self sources.