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SAFCO mulls bank advising for some acquisition deals

SAFCO mulls bank advising for some acquisition deals
SABIC stated that it signed a non-binding contract with the company
SABIC AGRI-NUTRIENTS
2020.B
1.52% 133.60 2.00
Default Company
2010.O
0.00% 0.00 0.00

Riyadh – Mubasher: Saudi Arabia Fertilizers Co (SAFCO) has reportedly invited banks to pursue the role of advisor to potential acquisitions in five agri-nutrients businesses held by Saudi Basic Industries Corp (SABIC), a chemicals company 70%-owned by the Saudi sovereign wealth fund.

The stakes in question are in Al-Jubail Fertilizer Company, National Fertilizer Company, Gulf Petrochemicals Industries Company, Ma’aden Phosphate Company, and Ma’aden Wa’ad al Shamal Phosphate Company, two informed sources told Reuters.

Earlier in 2018, SABIC, which owns 43% in SAFCO, stated that it signed a non-binding contract with the company to facilitate the integration of the newly formed company with SAFCO after obtaining regulatory and shareholder approval.

The deal is expected to be closed by the end of next year.