Arab Petroleum Investments Corporation (APICORP) has announced the ratification for an increase in callable capital from $1 billion to $8.5 billion, according to a press release.
This increase is the largest increase in the corporation’s history and its authorized capital will increase to $20 billion and subscribed capital to $10 billion. Further to this, $500 million will also be transferred from the corporation’s general reserves and retained earnings into its issued and fully-paid capital.
APICORP recently posted its 2019 year-end financial results, showing strong results including a 17% year-on-year (YoY) increase in net recurring income to $112 million, up from $96 million at year-end 2018.
CEO of APICORP, Ahmed Ali Attiga, was quoted saying “As we enter the next stage of APICORP’s growth story and build upon its longstanding reputation as a trusted financial partner to the Arab energy industry, the capital increase will enable APICORP to fulfill its policy mandate by continuing to deliver sustainable impact-driven development projects and supporting investment activities.”