RIYADH — The extraordinary General Assembly of the Saudi Arabian Fertilizers Company (SAFCO), in its meeting Wednesday, approved the “Fusion” deal signed in December 2019 with SABIC for the execution of the Share Purchase agreement between the two parties and the renaming of the company to be “SABIC Agri-Nutrients Company” going forward. Subject transaction comes as a major strategic move to provide more focus and agility for the Agri-Nutrients Business of SABIC through the newly formed company set out on a clear trajectory for sustainable growth to be the national champion and a global leader in the Agri-Nutrients Industry. The deal stipulated the SAFCO acquisition of all capital shares of the SABIC AGRI-Nutrients Investments Company owned by SABIC. SABIC Agri-Nutrients Investment Company, a special purpose venture established by SABIC to hold its equity shares in its assets in the Jubail Fertilizer Company (Al-Bayroni) (50%); National Chemical Fertilizer Company (Ibn Al-Baytar) (50%) and Gulf Petrochemical Industries Company (GPIC) (33.3%), in exchange for shares in SAFCO, thus raising SABIC’s shares in the company from 43% to 50.1%. The consolidation of SABIC’s Agri-Nutrients assets under SABIC “Agri-Nutrients Company” will accelerate the company’s plans to expand its global footprint to more diversified and complete Agri-Nutrients solution offerings and to other global attractive growth regions such as Africa and the Americas with a differentiated value proposition. All the required core competencies for investing, managing and maintaining a successful world-class Agri-Nutrients business inside and outside Saudi Arabia will now be available within a single entity, thus providing focus and agility as well as higher customer intimacy. Yousef Al-Benyan, SABIC vice chairman and CEO and chairman of the Board of Directors of “SABIC Agri-Nutrients Company”, said, “Integration of all our Agri-Nutrients assets and core capabilities under one strong and agile umbrella will allow SABIC and SAFCO “SABIC Agri-Nutrients Company” to achieve accelerated organic and inorganic growth as well as capture further operational synergies and increase overall production efficiency and differentiated excellence. “With this strategic move, we are confident of achieving industry-leading performance, thus maintaining the momentum of our support for Saudi Vision 2030 as a National Champion and a Global Leader in the Agri-Nutrients Industry.” ‘SABIC Agri-Nutrients Company’ will enable SABIC and company’s shareholders to realize their ambitions to grow as a leading innovative supplier of differentiated Agri-Nutrients portfolio, offering complete solutions will better serve the farming community’s requirement for more yield and more environmental friendly solutions. The new company will build upon the long heritage and strong foundation of the SABIC brand, known globally to be a symbol of excellence. A global brand campaign will soon be launched to promote the new company’s value proposition and enhance awareness of our strategic intent among key stakeholders in the industry. — SG