Petrochemical giant Saudi Basic Industries Corporation (SABIC) has secured all the necessary regulatory approvals for the Saudi Iron and Steel Company’s (Hadeed) acquisition by the Public Investment Fund (PIF).

The company has fulfilled all transaction-related conditions and completed the transfer of Hadeed’s full ownership to PIF, the company said in a statement to the Saudi stock exchange on Sunday.

However, the final price will be set once the completion account mechanism is concluded, which is likely in the second half of 2024, the statement noted.

In September 2023, SABIC agreed to sell its subsidiary Hadeed to the PIF, the Kingdom’s sovereign wealth fund, for an enterprise value of 12.5 billion Saudi riyals ($3.33 billion).

(Editing by Seban Scaria