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SABIC plans to merge two fully-owned subsidiaries

2019-03-13 12:21:40 GMT (Economies.com)

Saudi Basic Industries Corporation (SABIC) on Wednesday said it intends to merge its two wholly-owned subsidiaries, Saudi Petrochemical Company (SADAF) and Arabian Petrochemical Company (PETROKEMYA), according to a bourse statement.

 

It said that SADAF will be fully merged into PETROKEMYA based on the valuation set out in its latest financial statements.

 

The merger is expected to be completed by the second half of 2019, and it is not seen to have any impact on SABIC’s financial results, SABIC added.

 

The giant petrochemical producer earlier posted SAR 3.2 billion net profit for the fiscal year 2018, compared with SAR 3.7 billion a year earlier. 

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