Riyadh – Mubasher: Saudi Arabian Fertilizer Company (SAFCO) received the Capital Market Authority’s (CMA) approval to increase its capital to SAR 4.760 billion from SAR 4.166 billion to acquire SABIC Agri-Nutrients Investment Company(SANIC), fully-owned by the Saudi Basic Industries Corporation (SABIC).
The transaction will be carried out through issuing 59.368 million ordinary shares for SABIC, according to a bourse disclosure on Tuesday.
In December 2019, SABIC and SAFCO signed a share purchase agreement (SPA), under which SAFCO will acquire 100% of SANIC for SAR 4.59 billion, in exchange for increasing its share capital and issuance of shares to the owners of the acquired firm.
