Riyadh –  Saudi Basic Industries Corp. (SABIC) has announced that it obtained regulatory approvals to merge its wholly-owned affiliate Saudi Petrochemical Company with all the assets, rights, liabilities, and obligations in its wholly-owned affiliate Arabian Petrochemical Company.

The transaction came in line with SABIC’s strategy to boost efficiency and competitiveness of its operations, according to a bourse statement released on Tuesday.

The merger is not expected to have an “immediate material impact” on SABIC’s financial position, but it will “improve cost competitiveness in the long term”, the Tadawul-listed company said.

Source: Mubasher

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