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BEIJING, July 23 (Reuters) - China's SDIC will buy Canadian company Nutrien's 28 percent stake in Arab Potash Co Plc, for $502 million, the Chinese company said in a statement on Monday.
SDIC mining investment Co., Ltd, a subsidiary owned by China's State Development and Investment Corp, will become the majority shareholder in Arab Potash after the transaction, according to the statement.
China is the top consumer of potash fertilizer and also the top market for Arab Potash.
The agreement signed between SDIC and Nutrien, will further reduce China's reliance on potash imports and guarantee its food security, the statement said.
Canadian fertilizer and farm supply dealer Nutrien Ltd was already talking to prospective buyers of its stakes in Arab Potash in February. (Reporting by Hallie Gu and Dominique Patton; Editing by Kirsten Donovan)