4 September 2007 –  On May 21, 2007, SABIC Engineering Plastic Holding B.V. i.o. (“SABIC Plastic”), SABIC Holding Europe B.V. (“SABIC-Europe”) and General Electric Company (“GE”), entered into a definitive Stock and Asset Purchase Agreement pursuant to which SABIC Plastic will acquire the plastics business of GE (“GE Plastics”).  Each of SABIC Plastic and SABIC-Europe is an indirect wholly owned subsidiary of Saudi Basic Industries Corporation, (“SABIC”) a joint stock company organised and existing under the laws of the Kingdom of Saudi Arabia.

The purchase price for GE Plastics is US$11.6 billion.  The transaction, which is expected to close in the third quarter of this year, is subject to regulatory approvals and other customary closing conditions.

Drew & Napier LLC (“D&N”) is acting for SABIC in this worldwide acquisition as the Asia-Pacific Co-coordinating counsel.  This involves co-coordinating and instructing local counsels from the following jurisdictions: Hong Kong SAR, Taiwan, the Republic of Korea, Australia, Malaysia, Thailand, India and Singapore.  D&N is also acting for SABIC as its local counsel in Singapore, advising on all aspects of the deal, including financing, cross-jurisdictional acquisition of GE companies, incorporation and restructuring.

For more information please contact:
Verona Huang
Corporate Affairs
Drew & Napier LLC
Tel: +65 6531 2482
Email: verona.huang@drewnapier.com