Sahara Petrochemicals shares unaffected by affiliate emergency
The Tadawul All-Share Index in Riyadh advanced by 0.50 per cent to reach 10,639.04 points on Sunday, Aug. 17.
Sahara Petrochemicals Company jumped two per cent to close at SAR25.50. In a filing to the Saudi Arabian bourse, Sahara said that its subsidiary Al Waha petrochemicals Company was affected this morning Sunday August 17, 2014 due to a technical fault in its utilities unit. This lead to the interruption of production processes in all operating units, where the repairing process is expected to end in a period not exceeding nine days starting of today’s date. The emergency shutdown translates into missed opportunity for the profitability of nearly SAR9m ($2.4m) polypropylene prices currently prevailing in the third quarter which will affect the expected profits in the third quarter of this year,