https://arab.news/956j6
Farabi Petrochemicals Company, the Saudi based global leader in Linear Alkyl Benzene or LAB (a surfactant used in home care and laundry products) operating its petrochemical complexes in the Kingdom, executed a deal to acquire 50 percent of shares in Great Orient Chemical Pte. Ltd. — a sole shareholder of Great Orient Chemical Taicang Co. Ltd.
GOCT is operating a LAB production facility located in Taicang, China. Farabi who is acquiring the 50 percent shares from ISU Chemical Co., Ltd, a specialty chemical leading company in Korea, will continue the legacy with the existing JV Partner; Trevose International Pte. Ltd (the other 50 percent shareholder) who is a subsidiary of Indonesian Salim Group.
The Share Purchase Agreement and the new Shareholders Agreement signing ceremonies were held in Singapore on June 16 between the parties. The signing ceremonies was commemorated by the top management and executives of the parties.
Mohammed Z. Al-Wadaey, Group CEO of Farabi Petrochemicals Company, said: “I am excited to conclude this deal and entering in a partnership with a regional detergent and a diversified business leader in this important part of the world. This acquisition is a significant milestone for our company, as it aligns with our strategy to grow our LAB products offerings and further expand our presence in the home care detergents sector in southeast and far east Asia.”
He added: “I am confident that Farabi Petrochemicals and SALIM group will present a great fit. We share a common vision for the future, and I believe that our combined strengths will allow us to achieve even greater milestones in future.”
The new JV between Farabi HK and Trevose will retain all GOCT existing partnerships, agreements with suppliers and customers. The company employees will continue their work as usual.
“We are excited to welcome the GOCT team,” said Al-Wadaey, “their experience and talents will be a valuable addition to our organization and look forward to working together to achieve our shared goals.”
“I want to thank the employees of both the companies and external partners for their hard work and dedication. I’m excited to work with you all to build a stronger global footprint for Farabi.”