Saudi Arabia: Aramco’s Sabic acquisition takes pressure off IPO plans
Issue 1078
- 05 Apr 2019
| 3 minute read
As widely expected, Saudi Aramco announced the acquisition of 70% of petrochemicals giant Saudi Basic Industries Corporation (Sabic) on 27 March, agreeing a price of SR259bn ($69.1bn) for the stake, or SR123.39 per share, in line with the previous day’s close of Sabic shares on the Saudi Stock Exchange (Tadawul) of SR123.40.The deal has provided Crown Prince Mohammed Bin Salman’s Public Investment Fund (PIF) with a healthy boost at a time when foreign investors have been showing some reluctance to commit capital to projects in Saudi Arabia – unless they are offered incentives or partnerships by the PIF.
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