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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