DUBAI Oct 10 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 Fertilizers 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
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.
Ibn Al-Baytar is a 50/50 joint venture between SABIC and
SAFCO which produces ammonia, urea, compound fertiliser,
phosphate, and liquid fertiliser, according to information on
(Reporting by Hadeel Al Sayegh)