The Capital Market Authority (CMA) approved a request from Saudi Arabian Fertilizer Co. (SAFCO) to increase its capital from SAR 4.17 billion to SAR 4.76 billion through issuing 59.4 million ordinary shares to acquire SABIC Agri-Nutrients Investment Co. (SANIC), the market regulator said in a statement.
The shareholder circular related to SAFCO’s capital increase will be published within sufficient time before the extraordinary general meeting.
It must include all relevant information that the shareholders need to know before making an informed decision when voting on the capital increase for the purpose described, including the increase in capital and risk factors.
In December 2019, SAFCO and Saudi Basic Industries Corporation (SABIC) signed a share purchase agreement, under which SAFCO will acquire 100% of SANIC, Argaam reported.
Last April, the General Authority of Competition issued a non-objection on the economic concentration of SAFCO and SABIC.
|
Acquisition Details |
|
|
Target company |
SANIC |
|
Buyer |
SAFCO |
|
Seller |
SABIC |
|
Acquisition percentage |
100% |
|
Value of the target company |
SAR 4.59 bln (based on the average weighted stock price for 3 months that ended on Dec. 19, 2019). |
|
Value of the listed company (SAFCO) |
SAR 32.23 bln |
|
Current Capital |
SAR 4.17 bln |
|
Number of shares |
416.67 mln |
|
Increase |
SAR 593.69 mln |
|
Hike (%) |
14.25% (by SAR 593.69 mln) |
|
New Capital |
SAR 4.76 bln |
|
New number of shares |
476.04 mln |
|
Ownership percentage of the partners who will get new shares after acquisition |
50.1% |
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