RIYADH: Saudi state oil giant Aramco said on Wednesday (Mar 27) it is buying a 70 per cent stake in petrochemicals behemoth SABIC, in a deal worth ...
RIYADH: Saudi state oil giant Aramco said on Wednesday it is buying a 70 per cent stake in petrochemicals behemoth SABIC, in a deal worth US$69.1 billion.
Observers see the acquisition of a controlling stake in SABIC as a complex alternative to raise much-needed cash for the Public Investment Fund , the kingdom's top sovereign wealth fund. "It will unlock significant capital for PIF's continued long-term investment strategy, underpinning sectoral and revenue diversification for Saudi Arabia."SABIC, Saudi Arabia's largest publicly listed company, is said to have a market capitalisation of around US$100 billion - the same amount the kingdom had sought to raise from Aramco's IPO.
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