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Sipchem, a leading producer of methanol and derivatives, said on Wednesday it has signed a deal with Kuwait's Ikarus Petroleum Industries Company to acquire its stakes in two of Sipchem’s affiliates— 11 percent in International Acetyl Company and 11 percent in International Vinyl Acetate Company— for an estimated SAR 375.8 million.
In a statement on Tadawul, Sipchem said the deal, which was signed on June 23, is subject to approval of relevant authorities. The company expects the acquisition to be complete and the financial impact of the deal to take effect in third quarter.
Meanwhile, Ikarus said it made a capital gain of KWD 2 million (24.8 million) on the sale of its stakes in the two companies. The Kuwaiti-based firm said it exited these investments as part of its strategy to restructure its foreign investments, and to diversify its income and reduce risks and liabilities.
Sipchem said it plans to finance the acquisition through its own resources and through Islamic financing facilities.
The deal will raise Sipchem’s ownership in each company to 87 percent from the current 76 percent, with no change in the ownership percentages of the remaining partners. Both the affiliates have plants in Jubail that produce acetic acid, acetic anhydride and vinyl acetate monomer.
“This transaction comes in line with the Sipchem’s growth strategy to enhance its equity investment in its affiliates to increase Sipchem profits and shareholder value,” said Ahmad A. Al-Ohali, CEO of Sipchem.
Acetyls are an integral part of Sipchem’s portfolio that serves the downstream industry and are used for construction materials, inks, paints and solvents, as well as other products used for building and manufacturing, Al-Ohali added.
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