BCI says LoI period to acquire 49% of Union Chlorine ends without deal

One of Basic Chemical Industries Co.’s (BCI) plants

Basic Chemical Industries Co. (BCI) announced, on Nov. 9, the expiry of the letter of intent (LoI) period, signed with the companies owning Union Chlorine LLC for the acquisition of a 49% stake.

In a statement to Tadawul, BCI said no agreement was reached to complete the deal, and there was no obligation on either of the parties.

On July 13, 2021, BCI inked a non-binding LoI with the companies owning Union Chlorine LLC for the acquisition of a 49% stake, Argaam reported.

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