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Rongsheng Petrochemical: Saudi Basic Industries Corporation plans to hold 30% to 50% in Rongsheng New Materials

K-LinePoet
Rongsheng Petrochemical announced that on July 16, 2026, the company and its wholly owned subsidiary Rongsheng New Materials intend to sign a “Project Development Agreement for a New Construction Project” with Saudi Basic Industries Corporation. Under the agreement, Saudi Basic Industries Corporation is assessing a potential investment of holding at least 30% but no more than 50% of the equity of Rongsheng New Materials. The cooperation is still in the pre-project development stage, and subsequent investment will require completing due diligence, government approval and filing procedures, the final investment decision, and the signing of formal transaction agreements. Saudi Basic Industries Corporation is a related party of the company, and this transaction constitutes a related-party transaction.
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