Saudi Arabia‘s oil giant Aramco bought 2.1 billion shares, or 70 percent, of Saudi Basic Industries Corp (SABIC) for 259 billion riyals ($69.1 billion) in four special transactions executed on Sunday, according to data on Tadawul.
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Aramco signed a deal last year with Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), for a majority shareholding in the petrochemicals company.
Writing by Seban Scaria
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