SABIC-Saudi Aramco venture may soon launch IPO: Report

19/04/2015 ِArgaam
Saudi Arabian Company for Industrial Investment is expected to float its shares in an initial public offering (IPO) soon, chief executive Yousef Abdullah Al-Benyan was quoted as saying by Reuters on Sunday without giving further details. 
 

The company is a tripartite venture between Saudi Basic Industries Corp., Saudi Aramco, and the government's Public ​Investment Fund (PIF).

 

Early this year, Saudi Arabia's cabinet approved the ​establishment of the new company to invest in manufacturing industries in light of the kingdom’s attempt to diversify its oil-centered economy and generate jobs. 

 
The company was established with SAR 2 billion in capital. It focuses on conversion industries that rely on petrochemicals, plastics, fertilizers, steel, aluminum, and basic industries.

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