Safco, Sabic, hire investment banks to advise on Ibn Al-Baytar sale

11/10/2016 05:57 AST

Two Saudi petrochemical giants have hired investment banks to advise on the potential sale of a stake in the Ibn Al Baytar fertiliser company. Saudi Arabia Fertilisers Co (Safco) has hired Samba Capital, while Saudi Basic Industries Corp (Sabic) has chosen HSBC’s Saudi Arabian unit, the two companies said in separate bourse statements on Monday.

Safco is considering taking full control of chemical fertiliser producer Ibn Al Baytar by buying out its joint venture partner Sabic, Safco said in a bourse statement in March. The two companies said on Monday there was no definitive sale agreement yet, and a study which will examine the economic feasibility of the transaction is due to be completed in the first quarter of 2017.


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