Riyadh, Saudi Basic Industries Corporation (SABIC) announced yesterday that it has obtained the relevant regulatory approvals to merge its wholly-owned affiliate Saudi Petrochemical Company (SADAF) with all the assets, rights, liabilities and obligations in its wholly-owned affiliate Arabian Petrochemical Company (PETROKEMYA).
According to Saudi Stock Exchange (Tadawul), the merger is driven by SABIC's strategy to increase efficiency and competitiveness of its operations. The transaction is not expected to have immediate material impact on SABIC's financial position but will improve cost competitiveness in the long term. As of the merger, Sadaf no longer exists as an independent entity.
Source: Saudi Press Agency