Saudi Aramco to close acquisition of SABIC in Q2 2020

12/05/2020 Argaam

 

Saudi Aramco’s planned acquisition of a 70% stake in giant petrochemical producer SABIC from the Public Investment Fund (PIF) is on track to close in Q2 2020, Reuters reported on Tuesday.

 

The state oil producer’s statement was made in response to a previous Reuters report saying that Aramco is looking to restructure its deal for a controlling stake in SABIC after SABIC’s value dropped over 40% following an oil price slump in the coronavirus pandemic, according to two sources.

 

On March 27, 2019, Saudi Aramco signed a share purchase agreement to acquire a 70% majority stake in SABIC from the Kingdom’s sovereign wealth fund in a private transaction for SAR 259.1 billion.

 

SABIC’s stock price was set at SAR 123.39. SABIC shares closed at SAR 73 yesterday.

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