Riyadh – Mubasher: The Saudi Basic Industries Corp (SABIC) on Wednesday announced acquiring a 50% stake in the Saudi Petrochemical Company (Sadaf) at a value of $820 million.

SABIC made the acquisition from Shell Chemicals Arabia LLC, according to a statement.

This acquisition includes foreign partners’ share of the net asset value, SABIC said, adding that the financial impact will be reflected in the financial statements of third quarter of 2017.

“This agreement with Shell Chemicals Arabia L.L.C. follows SABIC’s strategy to enhance returns of its investments to contribute more effectively in achieving its strategic objectives,” the statement added.

SABIC’s stock shed 0.18%, closing at SAR 97.80 on Wednesday.