| Element List | Explanation |
|---|---|
| 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.
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.