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Saudi Basic Industries Corp. — M&A Activity 2019
Oct 1, 2019
53286_rns_2019-10-01_c138acf6-b7ba-4e5f-a912-229b208293c0.html
M&A Activity
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Saudi Basic Industries Corporation (SABIC) announces the latest development on its intention to merge Saudi Petrochemical Company (SADAF) in Arabian Petrochemical Company (PETROKEMYA)
2010 · 01/10/2019 15:42:25 · Announcement #56256 · View on Saudi Exchange
Saudi Basic Industries Corporation (SABIC) announces the latest development on its intention to merge Saudi Petrochemical Company (SADAF) in Arabian Petrochemical Company (PETROKEMYA)
| Element List | Explanation |
|---|---|
| Introduction | SABIC would like to announce that it has obtained the relevant regulatory approvals to merge its wholly-owned affiliate Saudi Petrochemical Company (SADAF) with all the assets, rights, liabilities and obligations in its wholly-owned affiliate Arabian Petrochemical Company (PETROKEMYA). |
The merger is driven by SABIC's strategy to increase efficiency and competitiveness of its operations.
The transaction is not expected to have immediate material impact on SABIC’s financial position but will improve cost competitiveness in the long term. Previous Announcement Saudi Basic Industries Corporation (SABIC) announces its intention to merge Saudi Petrochemical Company (SADAF) in Arabian Petrochemical Company (PETROKEMYA) Date of Previous Announcement on Tadawul's Website 2019-03-13 Corresponding to 1440-07-06 Progress 100% Event's Expected Completion Date NA Reasons for Exceeding the Announced End Date NA Expenses Related to the Event, Whether They Changed or Not and Justification NA Impact of the Delay on the Company's Financial Results NA Additional Information NA
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