Saudi Basic Industries Corporation (SABIC) intends to merge its two wholly-owned subsidiaries, Saudi Petrochemical Company (SADAF) and Arabian Petrochemical Company (PETROKEMYA).
SADAF will be fully merged into PETROKEMYA based on the valuation set out in its latest financial statements, the petrochemical giant said in a bourse statement on Wednesday.
The move, subject to regulatory approvals, is part of SABIC’s strategic plan to increase efficiency and competiveness of its global operations, it said.
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, the statement added.
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