Saudi Basic Industries Corporation (SABIC) has announced that it has received all necessary approvals from the Saudi authorities to hand over all of its shares in Saudi Iron & Steel Co., also known as Hadeed, the country’s largest steel manufacturer and market leader, to Saudi Arabia’s Public Investment Fund.
Accordingly, the purchase agreement is valued at SAR 12.5 billion ($3.3 billion), though the final sale price will be determined once the transaction is completed in the second half of this year.
Saudi Arabia’s Public Investment Fund had agreed with SABIC back in September last year to fully acquire Hadeed, as SteelOrbis reported previously.