SAFCO gets CMA nod for capital hike to buy SABIC Agri-Nutrients

Saudi Arabian Fertilizer Co. (SAFCO) received the Capital Market Authority’s (CMA) approval, on Oct. 5, for capital increase to SAR 4.76 billion from SAR 4.17 billion through issuing 59.4 million ordinary shares, to acquire 100% of SABIC Agri-Nutrients Investment Co. (SANIC).

SAFCO will soon finalize the paperwork required for holding an extraordinary general meeting (EGM), the company said in a statement to Tadawul on Tuesday. It will also issue a shareholder circular about the planned capital hike ahead of the EGM date.

Any other developments will be disclosed in due course, the statement added.

The Saudi market regulator approved SAFCO’s 14.25% capital hike request yesterday to acquire 100% of SANIC, Argaam reported.