Riyadh – Mubasher: The Saudi Basic Industries Corporation (SABIC) has acquired a 24.99% stake in the Switzerland-based company Clariant AG.
SABIC bought the stake through the two firms, namely Corvex Management and North 40, and the transaction was financed through overseas banks.
Clariant AG is specialised in producing special chemicals that are related to catalysts, natural resources and packaging and has 80 plants with an output of 4 million metric tonnes a year, according to a statement on Thursday to the Saudi Stock Exchange (Tadawul).
This deal is part of SABIC’s expansion strategy to diversify products.
The transaction’s value did not exceed 10% of SABIC’s assets based on the latest audited financial statements.
The deal’s financial impact is expected to appear during the first quarter of 2018.
SABIC's stock shed 0.21%, closing Wednesday at SAR 106.60
