Saudi Arabian Oil Co.'s (Saudi Aramco) acquisition of a 70% stake in Saudi Basic Industries Corporation (SABIC) from the Public Investment Fund (PIF) will not result in layoffs or benefits reduction, Asharq Al-Awsat reported, citing SABIC Vice Chairman and CEO, Yousef Al-Benyan.
To the contrary, Al-Benyan stressed, the deal will create new job opportunities within the company’s growth outlook.
He also noted that working hours, work provisions, employee-related policies as well as benefits will remain intact.
“Both entities seek to add value to shareholders and capitalize on the potential synergies in purchasing, logistics, manufacturing, marketing and sales,” Al-Benyan added.
He also stressed that SABIC's board of directors will continue to pursue shareholders' interest.
Saudi Aramco said on June 16 it completed the acquisition of a 70% stake in SABIC from the PIF, the sovereign wealth fund of Saudi Arabia, for a total of SAR 259.125 billion ($69.1 billion), Argaam reported.
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