RIYADH: Saudi Arabian petrochemical firm SABIC Agri-Nutrients has completed a SR1.2 billion ($320 million) partial acquisition of Dubai-based ETG Inputs Holdco Ltd.
The homegrown fertilizer producer is to takeover 49 percent of ETG Inputs Holdco’s share capital, it said in a bourse statement.
This comes as part of the company’s strategy to strengthen its presence in global markets and move closer to its customers.
SABIC Agri-Nutrients noted that the transaction is subject to regulatory approvals and other terms and conditions.
The financial impact of the acquisition is expected to roll out on the company’s financial statements during the second half of the ongoing fiscal year, it added.
ETG Inputs Holdco specializes in the field of blending and distributing fertilizers and seeds. It directly sells to farmers and end customers across several countries in Africa.
