International
SABIC EGM paves way for integration into Aramco
Published on : 2020-06-13
SABIC has paved the way for its integration into Saudi Aramco after a majority of the petrochemical giant’s shareholders voted to amend a total of its corporate 34 bylaws.
The bylaw changes included the removal of one article of incorporation which afforded the government of Saudi Arabia – represented by the Public Investment Fund (PIF) – to ‘retain ownership of at least twenty-five percent (25 percent) of the shares of the corporation, SABIC said in a statement.
In March 2019, the PIF signed a share purchase agreement to sell its 70 percent majority stake in SABIC to Saudi Aramco.
SABIC CEO Yousef Al-Benyan said the changes to the bylaws were a precursor to a new chapter for the company.
“We recognize the importance of meeting shareholder expectations and delivering value is fundamental for us. We are geared for long-term growth and moving towards a new chapter that can position SABIC as the Kingdom’s chemical growth platform,” he said.
During the virtual EGM, shareholders voted to change bylaws relating to a wide range of matters including the company’s head office and ownership of shares.
Arabnews