Advanced Petrochemical Company announces that today 20-04-1435H corresponding to 20-02-2014 G has completed the process of opening three Investment Portfolios after obtaining approval from the regulated authorities through signing Discretionary Portfolio Management Agreements with a total value of SAR 150 million for the purpose of diversifying its investments and income sources. These portfolios will be managed by three authorized financial institutions in accordance with the standard agreement as per CMA requirements and the financing will be from Company self-sources.
The investment in these portfolios will be recorded as available for sale investments based on their fair value with recognition of any un-realized gains or losses in the shareholders equity as per SOCPA accounting standards. The financial impact will be reflected in the income statement at the time of disposal of these investments.
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