Saudi Basic Industries Corp (SABIC) will sell SABIC Agri-Nutrients Investment Company to the Saudi Arabian Fertilizer Company in a deal valued at 4.59 billion riyals ($1.2 billion), the companies said in a filing with the Saudi Stock Exchange on Wednesday.
As part of the deal, SABIC will raise its stake in SAFCO to 50.1 percent, from 42.99 percent.
With the deal “SABIC aims to grow its shareholder’s value by providing global growth opportunities, enhancing capabilities and technical advances through global market reach,” the company said in a statement.
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