Petrochemical
SABIC EGM clears way for integration into Aramco
Sabic CEO says the changes to the bylaws were a precursor to a new chapter for the company.
- By ICN Bureau
| June 12, 2020
Sabic has paved the way for its integration into Saudi Aramco after a majority of the 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'.
In March 2019, the PIF signed a share purchase agreement to sell its 70 percent majority stake in Sabic to Saudi Aramco.
Sabic Chairman, Dr. Abdulaziz bin Saleh Al-Jarbou, said, “My career-path runs deep in both the chemical and energy sectors. I’ve seen how industries must continually change to sustain success and how smart collaborations unlock synergies for sustained growth.”
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."
During virtual EGM proceedings, shareholders voted to change bylaws relating to a wide range of matters including the company’s head office; ownership of shares; privileged shares; and formation, meetings and resolutions of the Board of Directors.
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