Riyadh – Mubasher: The Saudi Basic Industries Corporation (SABIC) on Sunday announced that it would continue with its feasibility study for the Saudi Arabian Fertilizer Company's (SAFCO) full acquisition of Ibn Al Baytar Company.

SABIC said it would discontinue this study as its board would like to "expand the evaluation of the economic opportunities from the integration and growth of its Agri-Nutrients sector with SAFCO," according to a filing to the Saudi Stock Exchange (Tadawul).

SABIC added that its board's decision would likely achieve a higher efficiency and bolster the sector’s competitiveness at the regional and global levels.

Earlier on Sunday, SABIC announced signing a non-binding memorandum of understanding (MoU) with SAFCO.

SABIC's stock last ended Thursday down 0.16% to SAR 126.60, while SAFCO's closed 0.24% higher to SAR 82.10.