BCI cancels plan to acquire Al Biariq factory

29/12/2014 ِArgaam

Basic Chemical Industries Company (BCI) said on Monday that it failed to reach an agreement with Al Biariq Fertilizer Factory regarding a memorandum of understanding signed earlier for acquiring a 51 percent stake in the factory.

Both parties agreed not to proceed with the partnership due to the “different strategies” adopted by each party, according to BCI’s statement to the Saudi bourse, Tadawul.

 

The company added that there is no financial impact for this cancellation.

 

BCI signed a MoU in October to acquire a 51 percent stake in Al Biariq Fertilizer Factory LLC, according to data compiled by Argaam.

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