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| 2020-06-22, 12:30 |
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Sabic: Aramco completes acquisition of a 70% stake from the Public Investment Fund (PIF)
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Aramco announced the successful completion of its share acquisition of a 70% stake in Saudi Basic Industries Corporation (SABIC) from the Public Investment Fund (PIF), the sovereign wealth fund of Saudi Arabia, for a total purchase price of SAR 259.125 billion (EUR 61.6 billion), equating to SAR 123.39 (29.3 Euro) price per share. Advert The closing of the transaction strengthens Aramco's presence in the global petrochemical industry. Together, Aramco and Sabic have a combined production volume of almost 90 million tons of petrochemicals in 2019. As Sabic's new majority shareholder, Aramco now has the opportunity to elect the majority of Sabic's directors. 
More information: www.aramco.com, www.sabic.com |
Sabic, Sittard, Netherlands
