SAFCO transforms to ‘SABIC Agri-Nutrients Company’ strategic path for sustainable growth

SourceSaudi Gazette
CountrySaudi Arabia

RIYADH — The extraordinary General Assembly of the Saudi Arabian Fertilizers Company (SAFCO), in its meeting Wednesday, approved the “Fusion” deal signed in December 2019 with SABIC for the execution of the Share Purchase agreement between the two parties and the renaming of the company to be “SABIC Agri-Nutrients Company” going forward.Subject transaction comes as a major strategic move to provide more focus and agility for the Agri-Nutrients Business of SABIC through the newly formed company set out on a clear trajectory for sustainable growth to be the national champion and a global leader in the Agri-Nutrients Industry.The deal stipulated the SAFCO acquisition of all capital shares of the SABIC AGRI-Nutrients Investments Company owned by SABIC.SABIC Agri-Nutrients Investment Company, a special purpose venture established by SABIC to hold its equity shares in its assets in the Jubail Fertilizer Company (Al-Bayroni) (50%); National Chemical Fertilizer Company (Ibn Al-Baytar) (50%) and Gulf Petrochemical Industries Company (GPIC) (33.3%), in exchange for shares in SAFCO, thus raising SABIC’s more...