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Saudi Basic Industries Corporation (SABIC) has announced its intention to merge the Saudi Petrochemical Corporation (SADF) into Arab Petrochemical Company (Petrokemia) as full subsidiaries of SABIC.
In a statement about Tadawul, the company announced that Sadaf would merge as a company resulting from the merger with all its assets, rights, liabilities and liabilities, in accordance with Sadaf's financial assessment in its financial statements. Recent.
The merger will take place after obtaining the approval of the competent authorities, so that Petrokemia will continue to exist as an existing company and that in return, there will be a "coincidence" as a legal entity as a result of the merger.
The merger is part of the company's strategic plan to increase the level of competitiveness and efficiency of its operations.
The merger aims to create a single entity more efficient, optimizing their assets and maximizing value obtained through the optimal integration of products of both companies. This will also increase the performance of operations, maintenance and project implementation.
The merger is expected to be completed in the second half of 2019. The merger is not expected to have a significant impact on SABIC's financial position.
The SAUDAF Petrochemical Company (SADAF) is a limited liability company. It is the owner of the commercial register n ° 2055000564 of 02/01/1401 H. It is located in Al Jubail Industrial City, 31961, Saudi Arabia, which includes crustaceans, including ethylene, styrene and styrene. caustic soda. Methyl tert-butyl ether and ethanol) The Sadaf complex includes six petrochemical plants with a production capacity of more than 4 million metric tons per year and a combined power plant.
The Arab Petrochemical Company Petrochemia is a limited liability company which holds the commercial register No. 2055000857 of 28/11/1401 H and is located in the industrial city of Jubail 31961, BP 10002, Saudi Arabia. Petrochemicals include products (ethylene, propylene, butane, benzene, butadiene, polystyrene, polyethylene and acrylonitrile butadiene styrene).
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