Saudi Aramco to cut stake in Sadara via IPO, says Al-Labban

Saudi Aramco plans to cut its 65 percent stake in Sadara Chemical Co, a joint venture with US company, Dow Chemical, by 30 percent through an initial public offering (IPO), Reuters reported citing Ziad Al-Labban, Sadara’s chief executive officer.

The IPO would aim to even Aramco’s shares with Dow’s 35 percent stake in Sadara, he said on the sidelines of a petrochemical industry conference.

Sadara’s listing would take place after Saudi Aramco’s planned IPO in 2018.

Sadara is the largest in the world comprehensive petrochemicals utility complex that was built in one phase, comprising 26 manufacturing units.