SIIG completes investment in Unibio International

Logo of Saudi Industrial Investment Group (SIIG)

The Saudi Industrial Investment Group (SIIG) completed the remaining value of its investment to buy a 24% stake in Unibio International after obtaining the Danish Government’s approval for a foreign direct investment (FDI).

Under the second phase, SIIG acquired 14.1% of Unibio International.

Both phases of this investment were funded by internal resources, the company said in a statement to Tadawul.

In March, SIIG signed an agreement to buy a 24% stake in Unibio International, a Denmark-based biotechnology company that specializes in protein-from-methane production technology. The deal was valued at about $70 million (SAR 262.5 million), or 24% of the company's ownership in the current investment round.

The investment will be made in two phases, the first of which will see the acquisition of a 9.9% stake by SIIG. The remainder will be acquired after obtaining the Danish government’s nod for undertaking a foreign direct investment in the country’s companies.