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SAFCO inks deal to acquire SABIC’s agrinutrients business
On December 25, 2019, Saudi Arabian Fertilizer Co. (SAFCO) and Saudi Basic Industries Corporation (SABIC) signed a binding share purchase agreement, under which SAFCO will fully acquire SABIC Agri-Nutrients Investment Co. (SANIC).
Deal Value | Method of Finance | Type | Status |
1,200.00 Million USD currencyResource Million_USD marketID 3 currencyId 3 | Capital Increase | Acquisition | Completed |
The Acquiring Party
SABIC Agri-Nutrients Co. - SABIC Agri-Nutrients | |
Country | Saudi Arabia |
Status | Listed |
Argaam Sector | Petrochemicals |
*Market Cap (Million SAR) | 55,125.43 |
*Price/Share (SAR) | 115.80 |
The Acquired Party
SABIC Agri-Nutrient Investments Co. - Sank | |
Country | Saudi Arabia |
Status | Unlisted |
Argaam Sector | - |
*Market Cap (Million SAR) | - |
*Price/Share (SAR) | - |
- *Based on the latest data available
Important Dates
Announced Date | 25-12-2019 |
Expected date for Completion | - |
Related Parties
Company | Role |
---|---|
Saudi Basic Industries Corp. | Seller |
Main Details
SANIC owns 50% of the issued capital of both National Chemical Fertilizers Company (Ibn Al Baytar) and Al Jubail Fertilizer Company (Al Bayroni), as well as 33.33% of Gulf Petrochemical Industries Company (GPIC).
Post completion of the acquisition, the existing shareholders’ (excluding SABIC) holding will be diluted from 57.01% to 49.9%, which will lead to a decrease in their ownership percentage and their related voting rights.
It was agreed not to include, at this stage, SABIC’s share in both Ma’aden Phosphate Company and Ma’aden Wa’ad Al Shamal Phosphate Company, as previously referenced in the non-binding memorandum of understanding.
For the purposes of acquisition, SANIC was valued by discounted cash flow and comparable company multiples methodologies. The total value of the shares SAFCO will acquire in SANIC was valued at SAR 4.59 billion and will be paid through issuing 59.37 million ordinary new shares for SABIC in SAFCO at a total of SAR 77.35 per share. This will lead to an increase in SABIC’s stake in SAFCO to 50.1% from 42.99%.
Acquisition Details |
|
The acquired company |
SANIC |
Buyer |
SAFCO |
Seller |
SABIC |
Acquisition percentage |
100% |
Value of the acquired company |
SAR 4.59 bln (based on a three-month volume weighted average price by the close of trading on Thursday Dec. 19, 2019.) |
Value of the listed company (SAFCO) |
SAR 32.23 bln |
Current Capital |
SAR 4.17 bln |
Number of shares |
416.67 mln |
Hike (%) |
14.25% (by SAR 593.69 mln) |
New Capital |
SAR 4.76 bln |
New number of shares |
476.04 mln |
Ownership percentage of Shareholders, to whom new shares will be issued after acquisition |
50.1% |
Note
* This acquisition is a related party deal. A number of SAFCO directors have an interest in the transaction and are conflicted due to their positions as SABIC’s representatives on SAFCO’s board. The conflicted board members are Yousef Al Benyan, Anas Kentab, Yousef Al Zamil and Abdulaziz Al Habdan - the representative of the General Organization for Social Insurance of Saudi Arabia (GOSI), which is a major shareholder in SAFCO.
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