SABIC decides to liquidate 3 subsidiaries

Saudi Basic Industries Corporation (SABIC) decided to liquidate 3 of its subsidiaries as part of its transformation plan, the company said in a bourse statement.

The liquidation decision includes SABIC Industrial Catalysts Co. and Saudi Carbon Fiber Co.

Both companies are fully owned by SABIC a paid in capital of SAR 500,000, each.

Saudi Japanese Acrylonitrile Co. in which SABIC ownership is 100%, is the third company to be dissolved. The company’s paid in capital is SAR 171.23 million.

SABIC will continue to develop the products of these companies through other subsidiaries, and the liquidation is not expected to have any financial impact on SABIC's consolidated financial statement, the statement added.