Saturday 18 November 2017

Safco eyes Sabic stake in JV

DUBAI, March 13, 2016

Saudi Arabia Fertilizers Company (Safco) is considering taking full control of chemical fertiliser producer Ibn Al-Bayttar by buying out the stake of its joint venture partner Saudi Arabia Basic Industries Corp (Sabic), Safco said.

Safco said the possible sale was part of a Sabic review of its investments, according to a bourse statement.

This does not represent a preliminary agreement and does not impact Safco's assets, its financial situation or its operations, it said.

Jubail-based Ibn Al-Bayttar, is a 50-50 joint venture between Safco and Sabic.

Sabic owns 43 per cent of Safco itself. - Reuters

Tags: sabic | chemical | Safco |

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