One of SABIC’s plants

Saudi Basic Industries Corp (SABIC) selected HSBC and Morgan Stanley to work on the planned initial public offering (IPO) of its specialty chemicals business, Reuters reported, citing two informed sources.

 

The specialty chemicals business reported sales of $2 billion each year for SABIC, a source said.

 

Earlier this year, the petrochemicals major hired NCB Capital, Saudi investment bank, to work on the public share sale, expecting the deal to be completed this year or early 2022.

 

In 2016, SABIC announced series of structural changes to its strategic business units (SBUs), transferring commodity products in the Innovative Plastics SBU to Chemical and Polymers SBU.

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