Sabic takes over Dutch company’s operations
According to Al-Hayat newspaper (Apri1 4, 2002), The Saudi Basic Industries Company (SABIC) signed an agreement last week for the take over of the petrochemical production activities of the Dutch DSM Company, reported Al-Hayat. SABIC paid 2.25 billion euros (1.98 billion) for the handover, half of which is to be paid immediately with the rest to be transferred in 2006. The take over includes all of DSM’s subsidiary activity in addition to all its internal and external operations.
Saudi giant SABIC, established in 1976, has 18 factories throughout the kingdom, producing mainly petrochemicals. It has a paid-up capital exceeding four billion dollars and total assets of more than $21 billion. — (menareport.com)
© 2002 Mena Report (www.menareport.com)