SABIC granted regulatory approval to extend Ar-razi JV with JSMC
SABIC announced that it has received all the regulatory approval needed to extend its JV with the Japan Saudi Arabia Methanol Company (JSMC) in Saudi Methanol Company (Ar-razi) for 20 years, where SABIC’s share is 75% and JSMC’s share is 25%. JSMC will pay SABIC USD1.35bn for the extension in three installments, ending in 2021. The financial impact of the transaction will be reflected starting in 2Q19, at which time, Ar-Razi’s results will be consolidated based on the new ownership structure. (Tadawul)
SABIC: SAR113.60 as of 24 Jun. 2019, Rating: Neutral, TP: 125.00/share, MCap: USD90,873mn, SABIC AB/2010.SE
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