Saudi Basic Industries Corporation (SABIC) Announces the liquidation of Three Subsidiaries voluntarily
| Element List | Explanation |
|---|---|
| Announcement Detail | Saudi Basic Industries Corporation (SABIC) announces to liquidate three subsidiaries voluntarily as SABIC is not desirous for the continuity of these companies in compliance with Article 181 of the Companies Law, based on SABIC’s resolution on 31 December 2019 which is part of the transformation plan.
The liquidation decision includes the following subsidiaries:
1- SABIC Industrial Catalysts Company – SABIC ownership is 100%, paid in capital is 500,000 SAR.
2- Saudi Carbon Fiber Company - SABIC Ownership is 100%, paid in capital is 500,000 SAR.
3- Saudi Japanese Acrylonitrile Company - SABIC Ownership is 100%, paid in capital is 171,227,500 SAR.
SABIC is continuing to develop the products of these companies through other subsidiaries, and the liquidation is not expected to have any financial impact on SABIC's consolidated financial statement. |
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