Saudi Basic Industries Corporation (SABIC) plans to voluntarily liquidate three wholly-owned subsidiaries, in line with its transformation plans, according to a statement to the Saudi Stock Exchange (Tadawul).
The liquidation decision includes SABIC Industrial Catalysts Company, Saudi Carbon Fiber Company, each with a paid-in capital of SAR 500,000.
The third company is Saudi Japanese Acrylonitrile Company, with a capital of SAR 171.23 million.
SABIC has vowed to continue developing related products through other subsidiaries.
The liquidation is not expected to have any financial impact on SABIC’s consolidated financial statement.
Ineos Enterprises has signed an agreement to buy MBCC Group’s admixture business from Sika. The deal is required by European antitrust regulators to approve Sika’s purchase of the MBCC Group, formerly BASF Construction Chemicals. The transaction is scheduled to complete in the first half of this year, subject to regulatory approvals.
Carbios and Novozymes are entering an exclusive long-term global strategic partnership to ensure the production and supply of Carbios’ proprietary PET-degrading enzymes at an industrial scale. Together the companies will build the world’s first biological PET-recycling plant due to start production in 2025 in Longlaville, France, as well as Carbios’ future licensee customers.
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