The Saudi Basic Industries Corporation (SABIC) announced that it has obtained all final approvals from the competent authorities, that all conditions have been met, and that ownership of the Saudi Iron and Steel Company (Hadeed) has been completely transferred to the Public Investment Fund.
The company said in a statement to Tadawul Saudi Arabia, today, Sunday, that the total value of the deal amounts to 12.5 billion riyals, and the final sale price will be determined later after completing the so-called “deal completion calculations” mechanism, which is expected to be during the second half of 2024.
On September 3, 2023, SABIC announced the signing of an agreement with the Public Investment Fund to acquire the entire stake of SABIC in the Saudi Iron and Steel Company (Hadeed).
