Yousef Abdullah Al-Benyan, Vice Chairman and CEO of SABIC
Saudi Basic Industries Corporation (SABIC) will not divest from its 48.07%-owned affiliate, Arabian Industrial Fibers Co. (Ibn Rushd), Yousef Abdullah Al-Benyan, Vice Chairman and CEO of SABIC told Argaam during the company's press conference held to comment on its Q4 2019 financials.
"Ibn Rushd will play a key role in SABIC's financials for 2020. It is the main supplier of a key product in the local market used in the manufacturing of milk, juice and water packaging materials," he added.
SABIC has been restructuring Ibn Rushd gradually since 2016; provisions were set aside in Q4 2019, which will reflect positively on the firm, Al-Benyan added.
"We are looking forward for Saudi Aramco's acquisition of SABIC, as this will lure more investors and will boost SABIC's position in the global market," Al-Benyan noted.
SABIC incurred SAR 720 million in losses in Q4 2019, due to the allocation of provisions for Ibn Rushd.
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