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Saudi Arabia’s Advanced Petrochemical Co. said its wholly owned affiliate, Advanced Global Investment Company (AGIC), has entered into definitive agreements with SK Gas Petrochemical Pte. Ltd., an indirect unit of South Korea’s SK Gas Co. Ltd., to execute a strategic share swap.
Under the transaction, SK Gas Petrochemical will acquire AGIC’s 30% stake in SK Advanced Co. Ltd. in South Korea, while AGIC will acquire SK Gas Petrochemical’s 15% stake in Saudi‑based Advanced Polyolefins Industry Company.
The deal also includes a net cash payment of $129.3 million, payable by AGIC to SK Gas Petrochemical reflecting the fair value of the assets exchanged. Advanced Petrochemical said the cash component will be financed entirely through its own financial resources.
The transaction is subject to regulatory approvals in the relevant jurisdictions.
The transaction, which will have an impact on the financial results of Q1 2026, is aimed at increasing focus on core assets within the kingdom, Advanced Petrochemical said.
(Writing by Brinda Darasha; editing by Seban Scaria)
