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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)
| Element List | Explanation |
|---|---|
| Transaction Details | SABIC to sell 100% of its equity in Hadeed (its wholly owned subsidiary) to Public Investment Fund (PIF) |
| Transaction Value | Enterprise value is 12.50 billion Saudi Riyals (Since the transaction will be conducted by using the so-called Completion Accounts Mechanism, the final sales price will be known only at closing date which is anticipated to be before end of first quarter of 2024 and will be announced later) |
| Transaction Terms | The completion of the above-mentioned transaction is conditional and is subject to approvals from the relevant authorities and satisfaction of certain conditions in the transaction documents |
| Parties of the Transaction | - Saudi Basic Industries corporation (SABIC) - Public Investment Fund (PIF) |
| Transaction Execution Date | 2023-09-03 Corresponding to 1445-02-18 |
| Description of the Business of the Asset forming the Subject Matter of the Transaction | The Company is engaged in manufacturing of steel products, including reinforcing bar, coiled wire, billets, slabs, sections, hot and cold rolled coil, galvanized coil, preprinted coil and hot film laminated coil |
| Asset Book Value | 10.65 Billion Saudi Riyals as of 30 June 2023 |
| Financial Statements for the Last Three Years of the Asset forming the Subject Matter of the Transaction | Attached |
| Transaction reasons | This transaction will enable SABIC to optimize its portfolio and focus on its core business. For more details, please read the attachment |
| Expected Impact of the Transaction on the Company and Its Operations | Attached |
| Details of Using The Proceeds of the Asset Sale | The proceeds will be used to reinforce SABIC’s growth in chemicals industry |
| Related Parties | No related parties |
| Attached Documents |  |
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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