SearchSaudi Basic Industries Corporation (SABIC) announces the latest development with respect to the Memorandum of Understanding signed with Saudi Arabian Fertilizer Company (SAFCO)
04/01/2021
| Item | Details |
| Previous Announcement* | Saudi Basic Industries Corporation (SABIC) announces the latest development with respect to the Memorandum of Understanding signed with Saudi Arabian Fertilizer Company (SAFCO) |
| Announcement Title* | Saudi Basic Industries Corporation (SABIC) announces the latest developments of the signing a non-binding memorandum of understanding with (SAFCO) |
| Introduction | Referring to the announcement made by Saudi Basic Industries Corporation (SABIC) on 25 December 2019, regarding entering into a share purchase agreement with SAFCO pursuant to which SAFCO will acquire 100% of the share capital of SABIC Agri-Nutrients Investment Company. SABIC would like to announce the completion of SAFCO's acquisition for SABIC Agri-Nutrients Investment Company by 100% on 20/05/1442 H corresponding to 04/01/2021 G.
Where SAFCO issued 59,368,738 ordinary new shares to SABIC valued at SAR 10 per share (“Consideration Shares”) at SABIC’s investment portfolio on 20/05/1442 H corresponding to 04/01/2021 G. SABIC’s ownership in SAFCO post this transaction increase from 42.99% to 50.1%. This 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.It should also be emphasized, that the (SAFCO) company has changed its name to become SABIC Agri-Nutrients Company. |
| Progress %* | 100% |
| Expected completion date of the event* | Complete on 20/05/1442 H corresponding to 04/01/2021 G. |
| Expenses related to the event and whether it changed or not with the justification* | NA |