Riyadh – Mubasher: The Saudi Basic Industries Corporation (SABIC) announced on Monday the completion of the Saudi Arabian Fertilizer Company’s (SAFCO) full acquisition of SABIC Agri-Nutrients Investment Company (SANIC).
SAFCO issued 59.368,738 million ordinary new shares to SABIC valued at SAR 10 per share at SABIC’s investment portfolio on 4 January 2021, according to a bourse filing.
SABIC’s ownership in SAFCO post this transaction increased from 42.99% to 50.1%.
On 25 December 2019, SABIC entered into a share purchase agreement (SPA) with SAFCO under which the latter will acquire 100% of the share capital of SANIC, valued at SAR 4.59 billion, in exchange for increasing its share capital and issuance of shares to the owners of the acquired firm.
This deal comes as a result of the shared vision by SABIC and SAFCO, to enhance and improve efficiencies through consolidation and realisation of synergies. It also envisages considerable opportunities for growth and development of competitive advantages in the global marketplace.
On Sunday, SAFCO announced changing its name to become SABIC Agri-Nutrients Company.
