The General Authority of Competition issued, on Sunday, a non-objection on the economic concentration of Saudi Arabian Fertilizer Co. (SAFCO) and Saudi Basic Industries Corporation (SABIC).

 

In December 2019, the two companies signed a share purchase agreement, under which SAFCO will acquire 100% of SABIC Agri-Nutrients Investment Co. (SANIC), according to data compiled by Argaam.

 

SANIC owns 50% of the issued capital of both National Chemical Fertilizers Co. (Ibn Al Baytar) and Al Jubail Fertilizer Co. (Al Bayroni) as well as 33.33% of the issued capital of Gulf Petrochemical Industries Co. (GPIC).

 

The agreement is pending approvals from SAFCO’s extraordinary general meeting and other related regulatory authorities.

 

Acquisition Details

The acquired company

SANIC

Purchaser

SAFCO

Seller

SABIC

Acquisition ratio

100%

Value of the acquired company

SAR 4.59 bln (based on a 3-month weighted average of the share’s price ending Dec. 19, 2019)

Value of the listed company (SAFCO)

SAR 32.23 bln

Current Capital

SAR 4.1667 bln

Number of shares

416.67 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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