National Petrochemical Industrial Company entered into an agreement to acquire remaining 50% stake in Bonar Natpet LLC from Low & Bonar PLC (LSE:LWB) in January 2018. Under the terms of the agreement, Low & Bonar will contribute £0.1 million to National Petrochemical Industrial Company's costs associated with the transaction, and pay to Bonar Natpet 50% of the value of all its trade debts older than six months at the date of sale. Low & Bonar will be entitled to a fee of 25% of Bonar Natpet's contribution margin from above-budgeted levels of revenue to the end of its 2019 financial year. The Group will also continue to license certain trademarks related to the business to Bonar Natpet until 2020, and will also appoint it as its exclusive distributor in the region for its geo-textile product range for a 5-year period. The transaction is subject to regulatory approval in Saudi Arabia, Agreement by Saudi Investment Development Fund (SIDF) to refinance Bonar Natpet's funding, release Low & Bonar Technical Textiles Holding BV (a wholly owned subsidiary of the Company) from its guarantee of that funding, and secure such additional security as it requires from Natpet; and upon finalization of the new SIDF arrangements, confirmation from Natpet's own banks that they approve the refinancing package. The transaction is expected to close on or prior to September 15, 2018. As of January 30, the acquisition is expected to be completed in the first quarter of 2019. Linklaters acted as legal advisor for National Petrochemical Industrial Company. James McKay of Squire Patton Boggs acted as legal advisor for Low & Bonar PLC. National Petrochemical Industrial Company completed the acquisition of the remaining 50% stake in Bonar Natpet LLC from Low & Bonar PLC (LSE:LWB) in first quarter of 2019.