Sabic to sell stake in Ibn Al-Baytar to Safcoby Slavka Atanasova on Oct 11, 2016
Saudi Basic Industries Corp (Sabic) is looking to sell its stake in chemical fertiliser producer, Ibn Al-Baytar, to its partner Safco, it emerged recently.
The sale would double its share to 100%, giving Safco full ownership of the firm.
The two companies have hired investment banks to advise them on the potential sale, with Safco consulting Samba Capital and Sabic speaking to HSBC.
The two companies said on Monday no definitive sale agreement has been reached yet, and a study which will determine the economic feasibility of the transaction is due to be completed in the first quarter of 2017, Reuters reported.
Ibn Al-Baytar is a 50:50 joint venture between Sabic and Safco specialised in the production of ammonia, urea, compound fertiliser, phosphate, and liquid fertiliser products.