Kuwait-Mubasher: Ikarus Petroleum Industries said it will achieve a return of KWD 2.3 million ($7.6 million) from the takeover deal extended by Saudi International Petrochemical Company (Sipchem), according to a bourse statement.
The company noted that the financial impact from the deal will reflect on the financials of FY15.
Sipchem earlier said it has finalized the agreement to acquire the 11% stake of International Acetyl Company, and also the 11% stake of International Vinyl Acids Company, both target firms are already subsidiaries of the Saudi Arabian chemical manufacturer.
The Saudi Arabian company said it has paid the entire value of the deal which stands at SAR 375.3 million.
