London-Further to earlier reports outlining Saudi Basic Industries Corporation”s (SABIC) intent to examine the sales offer from the proprietors of the Egyptian Fertilizer Company, SABIC clarifies that buying this company at the offered price would not achieve the return on investment SABIC requires to meet its strategic investment plan. Therefore, SABIC has decided against bidding to buy the Egyptian Fertilizer Company.
SABIC reaffirms its view that the Egyptian market is strategically important in terms of investment and marketing. SABIC will continue to explore other ambitious opportunities.
Saudi Basic Industries Corporation (SABIC) is the largest company in the Middle East by market capitalization (at more than US$ 100 billion), and the 11th largest petrochemicals manufacturer in the world. It is a market leader in the production of polyethylene, polypropylene, glycols, methanol, MTBE and fertilizers and the fourth largest polymers producer in the world.