Saudi Aramco buys 70% of SABIC for $69.1bln

      Published on Wednesday, 17 June , 2020      1645 Views     
Saudi Aramco buys 70% of SABIC for $69.1bln

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.

The transaction was priced at 123.39 riyal ($32.86) per SABIC share.

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.

The payment for SABIC, the world’s fourth-largest petrochemicals firm, will be funded in part by four bonds issued by Aramco to the PIF, reports indicated late last year.

Writing by Seban Scaria

Category Business, Finance | 2020/06/17 latest update at 10:47 AM
Source : Zawya | Photocredit : Google
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