Riyadh, Saudi Arabia — Saudi Basic Industries Corp. will liquidate three compounding and manufacturing subsidiaries voluntarily as part of its "transformation plan."
In a Dec. 31 filing with the Saudi Stock Exchange — Tadawul — the company said the three companies are Sabic Industrial Catalysts Co., Saudi Carbon Fiber Co. and the Saudi Japanese Acrylonitrile Co.
According to the filing, Riyadh-based Sabic will continue to develop the products of these companies through other subsidiaries, and the liquidation is not expected to have any financial impact on the company's consolidated financial statement.
The company did not provide further details of its transformation plan.