Riyadh – Mubasher: Sadara Basic Services Company on Wednesday announced that its parent firm Sadara Chemical Company (Sadara) signed a number of agreements for selling and leasing back Sadara’s Solids and Liquids Handling Centre.
The contracts were signed with Al Fozan Group.
The centre is located in Sadara’s chemical complex in Jubail, according to a statement to the Saudi Stock Exchange (Tadawul).
“These agreements were signed with Intercontinental Company for Technical Support Services Limited (ICTSS), a Saudi company owned by Al Fozan Holding Company and Madar Al-Aseel Company Limited,” the statement added.
The deals include selling and transferring the centre’s assets to ICTSS and lease back the facilities to Sadara.
The transaction’s financial impact will appear during the first quarter in 2018.
Sadara Basic Services Company is an indirect 100% subsidiary of Sadara Chemical Company (Sadara).
