Urethane Blog

Saudi Aramco Buys 70% of SABIC

March 28, 2019

Saudi company to purchase majority stake in SABIC

Saudi company to purchase majority stake in SABIC
Inside of Mt. Vernon SABIC plant. (WFIE file)

POSEY CO., IN (WFIE) – A Saudi Arabian company is set to buy a majority stake in plastics company SABIC.

SABIC, which operates a facility in Mt. Vernon, IN, announced Wednesday that Saudi Aramco signed a share purchase agreement to acquire a 70% majority stake in SABIC from the Public Investment Fund of Saudi Arabia in a private transaction.

The agreed purchase price for the shares is equivalent to $69.1 billion.

The transaction is subject to certain closing conditions, including regulatory approvals.

Chellsie Brown is covering this story today and she’ll have more about it tonight on 14 News.

http://www.14news.com/2019/03/28/saudi-company-purchase-majority-stake-sabic/

 

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