RIYADH, Saudi Arabia—Saudi Basic Industries Corp. voluntarily will liquidate three compounding and manufacturing subsidiaries—Sabic said the subsidiaries are Sabic Industrial Catalysts Co., Saudi Carbon Fiber Co. and the Saudi Japanese Acrylonitrile Co.—as part of its "transformation plan."
The news was disclosed in a Dec. 31 filing with the Saudi Stock Exchange—Tadawul
According to the filing, Riyadh-based Sabic will continue to develop the products of these companies through other subsidiaries. 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.