Riyadh – Mubasher: The Saudi Basic Industries Corporation (SABIC) on Tuesday announced signing a governance contract with Swiss firm Clariant AG.
The deal, signed on Monday, specifies SABIC’s role in Clariant as a main shareholder during the coming period, the petrochemical maker said in a statement to the Saudi Stock Exchange (Tadawul).
On a related note, SABIC is expected to nominate four persons and CEO to be included in Clariant's board of directors after a meeting slated for sometime in October.
The company which is listed on the SIX Swiss Exchange may also raise its board members to 12.
On Monday, 10 September, SABIC announced getting regulatory approvals to buy a 24.99% stake in Clariant AG, which produces chemicals. related to catalysts, natural resources, and packaging services.
SABIC last reported an 80.59% surge in its net profits to SAR 6.7 billion during the second quarter of 2018, from SAR 3.71 billion in Q2-17.
Profits also levelled up 36.47%, reaching SAR 12.2 billion during H1-18, compared to SAR 8.94 billion in the same period of 2017.
SABIC’s stock inched down 0.34% to close Monday’s trading session at SAR 116.80.
