Saudi Top buys entire on-site properties of Specialized Services Industries

Logo of Saudi Top for Trading Co.

Saudi Top for Trading Co. purchased all properties on site of Specialized Services Industries Co., including constructions, iron structures and extensions in Rabigh Plastic Technology Complex, for SAR 6 million, according to a statement to Tadawul.

The value of the deal will be settled upon Saudi Top receiving all rights and after signing a lease contract with Rabigh Refining and Petrochemical Co. (Petro Rabigh).

The deal will be financed from internal resources and the purchased assets will be utilized in building and operating a plant to produce 50,000 tons per annum of polymers, rubber and industrial wax.

The terms of the deal included obtaining the approval of Rabigh Plastic Technology Complex, and paying the outstanding due sum of SAR 245,500 to Saudi Aramco.

The relevant financial impact will likely appear on financial statements for the coming years, the statement said, adding the deal included no related parties.

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