Saudi Basic Industries Corporation (Sabic) has announced the completion of 100% acquisition by Saudi Arabian Fertiliser Company (Safco) of Sabic Agri-Nutrients Investment Company on January 4.
Safco issued 59,368,738 ordinary new shares to Sabic valued at SR10 per share at Sabic’s investment portfolio. Sabic’s ownership in Safco post this transaction increase from 42.99% to 50.1%.
Sabic had entered into a share purchase agreement with Safco on December 25, 2019, pursuant to which Safco will acquire 100% of the share capital of Sabic Agri-Nutrients Investment Company.
The deal comes as a result of the shared vision by Sabic and Safco, to enhance and improve efficiencies through consolidation and realization of synergies. It also envisages considerable opportunities for growth and development of competitive advantages in the global marketplace.
Meanwhile, Safco has changed its name to become Sabic Agri-Nutrients Company. – TradeArabia News Service
Sabic announces purchase of agri unit by Safco
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