Saudi Arabian Fertilizer Co. (SAFCO) shareholders approved a 14.25% capital increase to SAR 4.76 billion from SAR 4.17 billion during the extraordinary general meeting held on Nov.18, 2020.
The capital hike will take place through issuing 59.4 million ordinary shares at SAR 10 par value each.
The move aims to fund the acquisition of SABIC Agri-Nutrients Investment Co. (SANIC) from Saudi Basic Industries Corporation (SABIC).
Shareholders also approved amending the company’s name to “SABIC Agri-Nutrients Co.”.
Meanwhile, they approved amending bylaws related to company’s name, capital, shares subscription, debt instruments, financing bonds, management, board powers and general assembly meetings.
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Acquisition Details |
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Company to be acquired |
SABIC Agri-Nutrients Investment Co. LLC (SANIC) |
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Buyer |
SAFCO |
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Seller |
SABIC |
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Acquisition percentage |
100 % |
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Capital before hike |
SAR 4.167 bln |
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Number of shares before capital hike |
416.67 mln shares |
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Increase |
SAR 593.69 mln |
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Increase Percentage |
14.25 % |
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Capital after hike |
SAR 4.760 bln |
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Number of shares after capital hike |
476.04 mln shares |
Shareholders of record registered at the Securities Depository Center two days after the EGM, are eligible to receive the capital hike, the company said in a bourse statement.
The increase will apply upon the acquisition enforcement and in accordance with the terms and conditions of the shares purchase and sale agreement between the parties, which will be announced in due course.
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