Riyadh-Mubasher: Saudi International Petrochemical Company (Sipchem) said it has completed acquisition of two stakes held by Kuwaiti Ikarus Petroleum Industries.
With the two takeovers, Sipchem adds to its ownership 11% stake of International Acetyl Company, and also 11% stake of International Vinyl Acids Company, both target firms are already subsidiaries of the Saudi Arabian chemical manufacturer, which pushes its equities up to 87% in the respective acquirees.
The Saudi Arabian company said it has paid the entire value of the deal which stands at SAR 375.3 million.
Sipchem noted that the financial impact will reflect on the company’s Q1-16 financials.
