RIYADH: Saudi Industrial Investment Group has received approval from the Saudi Capital Market Authority to increase its capital from SR4.5 billion ($1.2 billion) to SR7.55 billion. A total of 304 million new shares will be issued to acquire all shares of its subsidiary National Petrochemical Co., according to a statement by the CMA. Founded 1996, Saudi Industrial Investment Group is one of the first private petrochemical companies in Saudi Arabia.