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Sipchem finalizes acquisition of National Power’s shares in affiliate

2018-12-11 09:13:58 GMT (Economies.com)
 

Saudi International Petrochemical Co. (Sipchem) announced on Tuesday it completed the acquisition of National Power Company's 25% stake in International Gases Company (IGC), an affiliate of Sipchem.

 

The Saudi petrochemicals producer said in a bourse filing it now owns 97% of IGC.

 

IGC is considered the world’s largest producer of carbon monoxide (CO) and hydrogen, the statement said.

 

The relevant financial impact will appear on earnings of Q4 2018, it added.

 

In July 2018, Sipchem signed an agreement to acquire National Power Company's 25% stake in IGC.

 

During the first nine months of 2018, Sipchem achieved a 98.9% year-on-year surge in net profits after zakat and tax to SAR 543 million, compared with SAR 273 million.

 
 
 
  Symbol Last Change Chg.%
1.1737
0.0023
0.1959%
1.3725
0.0049
0.3609%
Tadawul
11270.57
-40.58
0.36%
22.718
0.417
1.872%
73.500
2.567
3.619%
77.47
0.22
0.28%
1755.900
-0.905
0.051%
 
 
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