SABIC sees 4 negotiated deals worth SAR 259.1 bln today

14/06/2020 Argaam

 

Saudi Basic Industries Corp (SABIC) saw 4 negotiated deals on its shares today, where about 2.1 billion shares were privately traded for a total of SAR 259.12 billion.

 

In March 2019, state oil giant Saudi Aramco signed a share purchase agreement to acquire a 70% majority stake in SABIC from the Public Investment Fund (PIF), worth SAR 259.125 billion, or SAR 123.39 per share, equivalent to $69.1 billion

 

In October 2019, Saudi Aramco inked an agreement with PIF to amend the payment terms of the $69.1 billion worth of the acquisition of a 70% stake in SABIC.

 

Under the new amendments, 36% of the deal value will be paid in cash upon the close of the deal, and the remaining 64% will be settled in the form a loan arranged by the seller.

 

Key Facts

Company

Market Price

(SAR)

Negotiated Price (SAR)

Shares Traded

Value

(SAR mln)

SABIC

88.80

132.20

75000000

9.24

425000000

52.45

123.40

800000000

98.72

800000000

98.72

 

A negotiated deal involves a stock purchase based on a bargain between buyers and sellers, apart from market price. The negotiated price does not impact directly on market price, according to Saudi Stock Exchange (Tadawul).

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