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.
Source: Mubasher
We are closing the chapter of the Chemicals Import Export Headquarters, and opening a new chapter under the name of Qemetica – a chemical group driving many industries on all continents. Therefore, the change of name is also accompanied by the adoption of the key goals of the business strategy for the next 6 years. – says Kamil Majczak, President of the Management Board.
In its efforts to advance chemical recycling, Neste has successfully conducted its first processing trial run with a new challenging raw material, liquefied discarded tires. In the processing run, Neste produced high-quality raw material for new plastics and chemicals.
Sika is opening a state-of-the-art facility in Lima, Peru, to produce synthetic macro fibers, and expanding the rollout of a product range with great growth potential in Latin America. With this innovative technology, Sika is further strengthening its position as a leading supplier to the mining industry and a strong partner for infrastructure projects.
