The Urethane Blog

Saudi Aramco Buys 70% of SABIC

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/