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Saudi Basic Industries Corporation (SABIC) announces the latest developments of signing agreement with Public Investment Fund (PIF) to acquire all of SABIC shares in the Saudi Iron and Steel Company (HADEED).
| Element List | Explanation |
|---|---|
| Previous Announcement | Saudi Basic Industries Corporation (SABIC) announces signing agreement with Public Investment Fund (PIF) to acquire all of SABIC shares in the Saudi Iron and Steel Company (HADEED). |
| Date of Previous Announcement on Saudi Exchange’s Website | 2023-09-03 Corresponding to 1445-02-18 |
| Hyperlink to the Previous Announcement on the Saudi Exchange Website | Click Here |
| Latest Developments Of The Announced Event | This is in reference to the announcement made in Tadawul by Saudi Basic Industries Corporation (SABIC) on September 03, 2023, regarding signing agreement with Public Investment Fund (PIF) to acquire all of SABIC shares in the Saudi Iron and Steel Company (HADEED). SABIC would like to announce the obtainment of all approvals from the relevant authorities and satisfied all conditions in addition to transfer the full ownership of the Saudi Iron and Steel Company (HADEED) to Public Investment Fund (PIF). It is worth to mention, as previously announced, that the Enterprise value is 12.50 billion Saudi Riyals and the transaction will be conducted by using Completion Accounts Mechanism and the final sales price will be known once the Completion Account Mechanism is completed which is expected to be during the 2nd half of 2024. |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | It was published previously that final sales price will be known only at closing date Since the transaction will be conducted by using the so-called Completion Accounts Mechanism. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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