|31 December, 2019

SABIC to liquidate three subsidiaries

SABIC vowed to continue developing products produced by the liquidated companies

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 – Mubasher: Saudi Basic Industries Corporation (SABIC) plans to voluntarily liquidate three wholly-owned subsidiaries, in line with its transformation plans, according to a statement to the Saudi Stock Exchange (Tadawul).

The liquidation decision includes SABIC Industrial Catalysts Company, Saudi Carbon Fiber Company, each with a paid-in capital of SAR 500,000.

The third company is Saudi Japanese Acrylonitrile Company, with a capital of SAR 171.23 million.

SABIC has vowed to continue developing related products through other subsidiaries.

The liquidation is not expected to have any financial impact on SABIC's consolidated financial statement.

Source: Mubasher

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