Saudi Basic Industries Corporation (SABIC) announces the latest developments of signing agreement with Public Investment Fund (PIF) to acquire all of SABIC shares in the Saudi Iron and Steel Company (HADEED).

Saudi Basic Industries Corporation (SABIC) announces the latest developments of signing agreement with Public Investment Fund (PIF) to acquire all of SABIC shares in the Saudi Iron and Steel Company (HADEED).

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Explanation

Previous Announcement

Saudi Basic Industries Corporation (SABIC) announces signing agreement with Public Investment Fund (PIF) to acquire all of SABIC shares in the Saudi Iron and Steel Company (HADEED).

Date of Previous Announcement on Saudi Exchange’s Website

2023-09-03 Corresponding to 1445-02-18

Hyperlink to the Previous Announcement on the Saudi Exchange Website

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Latest Developments Of The Announced Event

This is in reference to the announcement made in Tadawul by Saudi Basic Industries Corporation (SABIC) on September 03, 2023, regarding signing agreement with Public Investment Fund (PIF) to acquire all of SABIC shares in the Saudi Iron and Steel Company (HADEED). SABIC would like to announce the obtainment of all approvals from the relevant authorities and satisfied all conditions in addition to transfer the full ownership of the Saudi Iron and Steel Company (HADEED) to Public Investment Fund (PIF). It is worth to mention, as previously announced, that the Enterprise value is 12.50 billion Saudi Riyals and the transaction will be conducted by using Completion Accounts Mechanism and the final sales price will be known once the Completion Account Mechanism is completed