Saudi Basic Industries Corporation (SABIC) plans to voluntarily liquidate three wholly-owned subsidiaries, in line with its transformation plans, according to a statement to the Saudi Stock Exchange (Tadawul).
The liquidation decision includes SABIC Industrial Catalysts Co., Saudi Carbon Fiber Co. and the Saudi Japanese Acrylonitrile Co. as per a Dec. 31 filing with the Saudi Stock Exchange.
According to the filing, Riyadh-based SABIC will continue to develop the products of these companies through other subsidiaries.
The liquidation is not expected to have any financial impact on SABIC’s consolidated financial statement.