Saudi Aramco bought 2.1 billion Saudi Basic Industries (SABIC) shares on the Saudi stock market, Tadawul, Report says, citing Kommersant.
The acquisition was part of a deal agreed upon in 2019 with Saudi Aramco to buy 70 percent of the petrochemical giant. Four transactions were executed on the Saudi exchange, with SABIC’s shares worth SR259,125 billion ($69.1 billion), without naming the buyer as indicated by Tadawal data. Sources confirmed the transactions and stated they would be one of the biggest in the global chemical industry upon completion.
SABIC is the fourth largest petrochemical company in the world. With its acquisition, Saudi Aramco will be able to diversify its business and enter new markets.