Saudi Basic Industries Corporation (SABIC) announces the latest development on its intention to merge Saudi Petrochemical Company (SADAF) in Arabian Petrochemical Company (PETROKEMYA)
| Element List | Explanation |
|---|---|
| Introduction | SABIC would like to announce that it has obtained the relevant regulatory approvals to merge its wholly-owned affiliate Saudi Petrochemical Company (SADAF) with all the assets, rights, liabilities and obligations in its wholly-owned affiliate Arabian Petrochemical Company (PETROKEMYA).
The merger is driven by SABIC's strategy to increase efficiency and competitiveness of its operations.
The transaction is not expected to have immediate material impact on SABIC’s financial position but will improve cost competitiveness in the long term. |
| Previous Announcement | Saudi Basic Industries Corporation (SABIC) announces its intention to merge Saudi Petrochemical Company (SADAF) in Arabian Petrochemical Company (PETROKEMYA) |
| Date of Previous Announcement on Tadawul's Website | 2019-03-13 Corresponding to 1440-07-06 |
| Progress | 100% |
| Event's Expected Completion Date | NA |
| Reasons for Exceeding the Announced End Date | NA |
| Expenses Related to the Event, Whether They Changed or Not and Justification | NA |
| Impact of the Delay on the Company's Financial Results | NA |
| Additional Information | NA |
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