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Argaam Tools ×
Sabic raises its stake in Ar-Razi Co.
Saudi Basic Industries Corp. (SABIC) signed an agreement with Japan Saudi Arabia Methanol Co. (JSMC) to buy a 25 percent stake in Saudi Methanol Co. (Ar-Razi), thereby raising its stake in the company to 75 percent.
Deal Value | Method of Finance | Type | Status |
150.00 Million USD currencyResource Million_USD marketID 3 currencyId 3 | - | Stake | Completed |
The Acquiring Party
Saudi Basic Industries Corp. - SABIC | |
Country | Saudi Arabia |
Status | Listed |
Argaam Sector | Petrochemicals |
*Market Cap (Million SAR) | 236,400.00 |
*Price/Share (SAR) | 78.80 |
The Acquired Party
Saudi Methanol Company - Ar-Razi | |
Country | Saudi Arabia |
Status | Unlisted |
Argaam Sector | Chemicals |
*Market Cap (Million SAR) | - |
*Price/Share (SAR) | - |
- *Based on the latest data available
Important Dates
Announced Date | 04-12-2018 |
Expected date for Completion | 15-03-2019 |
Main Details
Under the agreement, SABIC will raise its stake in Ar-Razi Co. to 75 percent by purchasing 50 percent of JSMC share or 25 percent of all Ar-Razi shares, reducing JSMC’s shareholding in Ar-Razi Co. to 25 percent.
SABIC will also extend partnership with JSMC on Ar-Razi Co. for 20 years, and JSMC will pay SABIC $1.35 bln for the extension deal.
JSMC has the right at any time prior to March 31, 2019 to sell its remaining 25 percent stake in Ar-Razi Co. to SABIC for $150 mln.
Note
* Ar-Razi Co. was formed as a joint venture between SABIC and JSMC with the aim of developing, establishing, owning and operating a methanol complex.
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