{"id":86549,"date":"2024-05-27T00:00:00","date_gmt":"2024-05-27T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/05\/27\/pif-is-one-step-closer-to-becoming-hadeeds-new-owner\/"},"modified":"2024-05-27T00:00:00","modified_gmt":"2024-05-27T00:00:00","slug":"pif-is-one-step-closer-to-becoming-hadeeds-new-owner","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/05\/27\/pif-is-one-step-closer-to-becoming-hadeeds-new-owner\/","title":{"rendered":"PIF is one step closer to becoming Hadeed\u2019s new owner"},"content":{"rendered":"

Sabic nears completion of Hadeed sale:<\/strong> Petrochemicals giant Sabic has obtained all necessary approvals and satisfied conditions precedent to close the sale of its steel subsidiary Hadeed to the Public Investment Fund (PIF), it said in a disclosure to Tadawul<\/a>. Sabic has also completed the transfer of the full ownership of Hadeed to the PIF, it added.<\/p>\n

What we know: <\/strong>The transaction \u2014 which has an enterprise value of SAR 12.5 bn \u2014 should close in the second half of this year. The transaction will close with a \u201ccompletion accounts mechanism\u201d \u2014 in finance-speak, that means the price PIF will pay Hadeed will ultimately be calculated based on Hadeed\u2019s financials at the time of close.<\/p>\n

Sabic\u2019s expectations:<\/strong> It said earlier this year<\/a> that it expects the sale of its steel subsidiary Hadeed to the PIF to draw in USD 1.7-1.9 bn upon its completion.<\/p>\n

About the sale:<\/strong> Sabic agreed last year<\/a> to sell Hadeed to PIF in a bid to \u201coptimize its portfolio and focus on its core business\u201d and contribute to the growth of several sectors including renewables and mining. It said the divestment also aligns with the sovereign fund\u2019s efforts to progress the country\u2019s industrial development and meet growing local demand for steel. Officials had initially hoped to finalize the sale in 1H 2024.<\/p>\n

About Hadeed:<\/strong> Sabic\u2019s steels unit focuses on manufacturing steel products, including reinforcing bar, coiled wire, billets, slabs, sections, hot and cold rolled coil, galvanized coil, preprinted coil and hot film laminated coil.<\/p>\n

The divestment was among factors leading Sabic to its first net-loss ever:<\/strong> Sabic reported<\/a>a net loss<\/a> of SAR 2.8 bn in 2023 in what was the petrochemical giant\u2019s first-ever net loss. The losses came partly due to discontinued operations after the divestment of its steel subsidiary Hadeed.<\/p>\n","protected":false},"excerpt":{"rendered":"

Sabic said earlier this year that it expects the sale of Hadeed to the PIF to draw in USD 1.7 bn-USD 1.9 bn upon completion<\/p>\n","protected":false},"author":1,"featured_media":86550,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2575],"tags":[10,1123,14,1151,138],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-86549","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-enterpriseam-ksa","tag-hadeed","tag-ma-watch","tag-public-investment-fund-pif","tag-sabic","wpautop","entry"],"acf":{"mongo_id":"6b0f8861-0e6d-4b21-991f-9ccd21f90b22","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/5\/2079.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Sabic could be closing steel unit Hadeed\u2019s sale to PIF in 2H 2024","related_issue":[86542],"teaser":"Sabic said earlier this year that it expects the sale of Hadeed to the PIF to draw in USD 1.7 bn-USD 1.9 bn upon completion","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.f44e59f3-f4ab-43ed-98a1-cddf0599f4d5.mp3"},"yoast_head":"\nPIF is one step closer to becoming Hadeed\u2019s new owner - 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