Saudi Arabian Fertilizer Co.’s (SAFCO) announced that it received on Sunday, April 5, 2020, a non-objection on the economic concentration from the General Authority for Competition regarding the acquisition of 100% stake in SABIC Agri-Nutrients Investment Co. (SANIC).
The company said in a bourse filing on Monday that the agreement is pending approval from the Capital Market Authority to raise SAFCO’s capital. The deal is also pending approval from SAFCO’s extraordinary general assembly.
Any further developments will be announced in the due course, the statement also said.
In December 2019, the two companies signed a share purchase agreement, under which SAFCO will acquire 100% of SANIC, data compiled by Argaam showed.
|
Acquisition Details |
|
|
The acquired company |
SANIC |
|
Purchaser |
SAFCO |
|
Seller |
SABIC |
|
Acquisition ratio |
100% |
|
Value of the acquired company |
SAR 4.59 bln (based on a 3-month weighted average of the share’s price ending Dec. 19, 2019) |
|
Value of the listed company (SAFCO) |
SAR 32.23 bln |
|
Current Capital |
SAR 4.1667 bln |
|
Number of shares |
416.67 mln |
|
Hike (%) |
14.25% (by SAR 593.69 mln) |
|
New Capital |
SAR 4.76 bln |
|
New number of shares |
476.04 mln |
|
Ownership percentage of the partners who will get new shares after acquisition |
50.1% |
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