Saudi GAC approves SAFCO's acquisition of SABIC's unit

The acquisition will be paid through the issuance of 59.368mln new shares

  
A man walks past the headquarters of Saudi Basic Industries Corp in Riyadh. Image used for illustrative purpose.

A man walks past the headquarters of Saudi Basic Industries Corp in Riyadh. Image used for illustrative purpose.

REUTERS/FAISAL NASSER

Riyadh –  The Saudi General Authority for Competition (GAC) has agreed on Saudi Arabian Fertilizer Company’s (SAFCO) acquisition of Saudi Basic Industries Corporation’s (SABIC) subsidiary.

On 25 December 2019, SAFCO signed an agreement with SABIC to acquire 100% of SABIC Agri-Nutrients Investment Company (SANIC) at a total value of SAR 4.59 billion.

The acquisition will be paid through the issuance of 59.368 million new shares for SABIC in SAFCO, valued at SAR 77.35 per share.

SABIC Agri-Nutrients Investment Company (SANIC) owns 50% of both National Chemical Fertilisers Company (Ibn Al Baytar) and Al Jubail Fertilizer Company (Al Bayroni), as well as 33.33% stake in Gulf Petrochemical Industries Company (GPIC).

Source: Mubasher

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