KSrelief Distributes Food Baskets to Syrian and Palestinian Refugees in Lebanon    Custodian of the Two Holy Mosques Condoles Egyptian President on Victims of Qalyubia Train Accident    Saudi Stock Exchange Main Index Ends Trading Higher at 10,116 Points    Quality of Life Program: National Cultural Awards culminates support to Saudi culture, intellectuals    Presidency to increase capacity of Mataf Courtyard, allocating 4 paths for elderly    India Reports New High of 1,761 Daily COVID-19 Deaths    Russia reports 8,164 new COVID-19 cases, 379 deaths    Custodian of the Two Holy Mosques Directs Disbursement of SR 1.9 Billion of Ramadan Aid for Social Insurance Beneficiaries    China administered total of 195.02 mln COVID-19 vaccines as of April 19    Prince Khalid meets with UK PM's envoy to Gulf region    10 million people in UK receive second dose of COVID-19 vaccine    Video clip showing expats being assaulted is old: Riyadh Police    US immigration agencies ordered to end use of terms 'alien' and 'assimilation'    US warns against travel to 80% of all countries due to COVID-19 State Department 'strongly recommends' US citizens reconsider any travel aborad    Chairman of Libyan Presidential Council Meets with Algerian Foreign Minister    In Jeel Tamooh's third edition, BCG experts, 100 world-class Saudi students come together    UAE government adopts 'blockchain' technology in authentication services    KSrelief signs two joint agreements to serve needy people in Yemen    Jadwa Investment partners with MHRSD to develop non-profit sector    Oilfields Supply Center's $570m investment in SPARK    SRC Obtains Good Ratings From Moody's, Fitch    National Center for Privatization Hosts Chinese Investors Forum    Saudi Stock Exchange Main Index Ends Trading Higher at 10,097 Points    Diriyah Gate participates in Kingdom's celebration of the World Heritage Day    Saudi Al-Hilal Defeats UAE Shabab Al-Ahli witn AFC Champions League    Saudi Al-Ahli, Qatari Al-Duhail Drew 1-1    Messi fires Barca to dominant Cup final win    Bayern moves closer to title but Flick says he's leaving    Bayern move closer to title but Flick says he's leaving    The importance of legal specialization    Indian actor and environmentalist Vivek dies at age of 59    Alert over shortage of new drugs for 'world's most dangerous bacteria'    Helen McCrory, 'Harry Potter' and 'Peaky Blinders' star, dead at 52    New global compact aims to drive down diabetes deaths, boost insulin access    Welcome to beautiful Ramadan customs    Foundation stone laid for Jeddah Formula One circuit    Laying the Foundation Stone for Jeddah Formula One Circuit    King Salman Center for Disability Research Launches 2nd Edition of its Story Collection (Awareness)    Riyadh Light Witnesses Conclusion of External Artworks    Riyadh Light Turned the Capital into Lights' Aura    Colored Triangles Decorate Conference Building, at King Abdullah Financial Center    Vaccination does not invalidate fasting, says UAE Fatwa Council    It is high time to correct wrong concepts about women's status    Council of Senior Scholars: Muslim Brothers' Group Don't Represent Method of Islam, rather only Follows its Partisan Objectives, Violating our Graceful Religion    Court facilitates young woman's marriage after stripping father's guardianship    Eid Al-Adha Prayer Performed at the Grand Holy Mosque    Pilgrims Perform Dhuhr and Asr Prayers in Arafat Holy Site    Senior Scholars Council Issues Decision No. 246 Regarding Attendance of Friday Prayer and Prayers at Mosques in a Case of Spread of Epidemic or Fear of its Spread    

Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.

SAFCO transforms to ‘SABIC Agri-Nutrients Company' strategic path for sustainable growth
Published in The Saudi Gazette on 19 - 11 - 2020

The extraordinary General Assembly of the Saudi Arabian Fertilizers Company (SAFCO), in its meeting Wednesday, approved the "Fusion" deal signed in December 2019 with SABIC for the execution of the Share Purchase agreement between the two parties and the renaming of the company to be "SABIC Agri-Nutrients Company" going forward.
Subject transaction comes as a major strategic move to provide more focus and agility for the Agri-Nutrients Business of SABIC through the newly formed company set out on a clear trajectory for sustainable growth to be the national champion and a global leader in the Agri-Nutrients Industry.
The deal stipulated the SAFCO acquisition of all capital shares of the SABIC AGRI-Nutrients Investments Company owned by SABIC.
SABIC Agri-Nutrients Investment Company, a special purpose venture established by SABIC to hold its equity shares in its assets in the Jubail Fertilizer Company (Al-Bayroni) (50%); National Chemical Fertilizer Company (Ibn Al-Baytar) (50%) and Gulf Petrochemical Industries Company (GPIC) (33.3%), in exchange for shares in SAFCO, thus raising SABIC's shares in the company from 43% to 50.1%.
The consolidation of SABIC's Agri-Nutrients assets under SABIC "Agri-Nutrients Company" will accelerate the company's plans to expand its global footprint to more diversified and complete Agri-Nutrients solution offerings and to other global attractive growth regions such as Africa and the Americas with a differentiated value proposition.
All the required core competencies for investing, managing and maintaining a successful world-class Agri-Nutrients business inside and outside Saudi Arabia will now be available within a single entity, thus providing focus and agility as well as higher customer intimacy.
Yousef Al-Benyan, SABIC vice chairman and CEO and chairman of the Board of Directors of "SABIC Agri-Nutrients Company", said, "Integration of all our Agri-Nutrients assets and core capabilities under one strong and agile umbrella will allow SABIC and SAFCO "SABIC Agri-Nutrients Company" to achieve accelerated organic and inorganic growth as well as capture further operational synergies and increase overall production efficiency and differentiated excellence.
"With this strategic move, we are confident of achieving industry-leading performance, thus maintaining the momentum of our support for Saudi Vision 2030 as a National Champion and a Global Leader in the Agri-Nutrients Industry."
‘SABIC Agri-Nutrients Company' will enable SABIC and company's shareholders to realize their ambitions to grow as a leading innovative supplier of differentiated Agri-Nutrients portfolio, offering complete solutions will better serve the farming community's requirement for more yield and more environmental friendly solutions.
The new company will build upon the long heritage and strong foundation of the SABIC brand, known globally to be a symbol of excellence. A global brand campaign will soon be launched to promote the new company's value proposition and enhance awareness of our strategic intent among key stakeholders in the industry. — SG

Clic here to read the story from its source.