Saudi Basic Industries Corp. — Capital/Financing Update 2017

Aug 16, 2017

Saudi Basic Industries Corp. announces the latest developments on the completion of its acquisition of Shell Chemical Arabia L.L.C.s shares in Saudi Petrochemical Company (Sadaf)

2010 · 16/08/2017 15:10:30 · Announcement #47897 · View on Saudi Exchange

Saudi Basic Industries Corp. announces the latest developments on the completion of its acquisition of Shell Chemical Arabia L.L.C.s shares in Saudi Petrochemical Company (Sadaf)

With reference to SABICs announcement on Tadawul dated Jan 22, 2017, regarding its proposed acquisition of Shell Chemicals Arabia L.L.C.s entire 50% stake in Saudi Petrochemical Company (Sadaf), with a value amounting to USD 820,000,000 including the foreign partners share of the net assets value, SABIC announces that the proposed acquisition was completed on August 16th, 2017. The financial impact of the transaction will be reflected in SABICs results during the 3rd quarter of 2017.

Sadaf produces ethylene, MTBE, styrene and other basic chemicals. The Sadaf complex includes six petrochemical plants, with a total production capacity of more than 4 million metric tons per year. This agreement with Shell Chemicals Arabia L.L.C. follows SABICs strategy to enhance returns of its investments to contribute more effectively in achieving its strategic objectives.

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