Sahara buys 30% stake in InoChem for SAR 242 mln

Sahara Petrochemical Co. on Monday acquired 30 percent stake, or 24 million shares, of Sanabil Investments in Khair Inorganic Chemical Industries (InoChem) for SAR 242 million.

The deal was concluded after conducting the related feasibility study and due diligence process, Sahara said in a bourse statement on Monday.

InoChem, a closed joint stock company, has built an industrial complex on a total area of 800,000 square meters in Ras Al Khair Industrial City to produce 300,000 tons of soda ash and 348,000 tons of calcium chloride.

Construction works at the complex are expected to begin in Q1 2019, with the commercial production in early 2022.

The project has obtained the regulatory approvals for the required natural gas supplies and industrial licenses, the statement added.