The Saudi Basic Industries Corporation (SABIC) announced the completion of the acquisition of the Saudi Arabian Oil Company (Aramco) for the shares of the public investment fund in the company (SABIC).
>The company said in a statement to the Saudi market (Tadawul) today, Wednesday, that the two companies signed the final agreement yesterday, according to which (Aramco) becomes one of the major shareholders in (SABIC) With ownership of (70%) of the capital.
This deal will achieve the goals of strategic integration between the three parties, which supports the achievement of the Kingdom's ambitious vision (2030), as it will constitute an essential tributary of (SABIC) to continue as a leader in the petrochemical industry In the Kingdom, which strengthens its strategy to become the world's leading petrochemical company.
The deal will also strengthen Aramco's website to become one of the largest energy and integrated chemical companies in the world. It will also help the Public Investment Fund by reinvesting the transaction funds in the promising new sectors that contribute to the diversification of the Kingdom's revenues in the long term.
For its part, (Aramco) said that the purchase amounted to 259.125 billion riyals ($ 69.1 billion), equivalent to the price of 123.39 Saudi riyals per share. >
Aramco adheres to its general methodology for financing the SABIC deal with the company's general financing strategy, which is based on prudence and financial flexibility, while maintaining the company's credit rating Featured.
Aramco said it funded the acquisition agreement for the percentage mentioned in SABIC by issuing payment orders in favor of the Public Investment Fund upon completion of the transaction.
(Aramco) will fully consolidate the financial results of (SABIC). According to Aramco's accounting policies, it will list the data of 3 subsidiaries of SABIC.
She explained that the three companies are: Al-Jubail Petrochemicals (Kimia), Yanbu Saudi Petrochemicals (Yenpt), and Eastern Petrochemicals (Sharq), as joint ventures.
The data of one of the companies affiliated with SABIC, which is the Saudi Methacrylate Company (SAMAC), will be listed as joint operations.
SABIC has previously included the financial statements of these companies on the basis of ...
