Saudi Aramco confirms talks with PIF to acquire SABIC stake

19/07/2018 Argaam

State-owned Saudi Aramco has confirmed it is in talks with the Kingdom’s sovereign wealth fund over the acquisition of a potential stake in Saudi Basic Industries Corporation (SABIC).

 

“Saudi Aramco confirms that it is engaged in very early-stage discussions with the Public Investment Fund (PIF) regarding acquiring a strategic interest in SABIC by way of a private transaction,” the oil giant said in a statement.

 

The discussions are still at a preliminary stage, Aramco said, adding that it has “no plans to acquire any publicly held shares of SABIC.”

 

On Wednesday, Reuters reported that Aramco had called on banks to bid for an advisory role on the potential acquisition of a strategic stake in SABIC.

 

SABIC is 70 percent owned by the Saudi sovereign wealth fund, Public Investment Fund, with a SAR 385.2 billion market capitalization.

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