Riyadh – Mubasher: The Saudi Basic Industries Corporation (SABIC) has announced obtaining the regulatory approvals to purchase a 24.99% stake in the Swiss company Clariant AG.

The transaction is part of SABIC’s plans to implement further domestic and overseas expansion, as well as to diversify its products, according to a statement to the Saudi Stock Exchange (Tadawul) on Monday.

Clariant is specialised in producing chemicals which are related to catalysts, natural resources and packaging.

The value of takeover transaction wasn't disclosed.

By 10:49 am Saudi time, SABIC’s stock inched up 0.83% to SAR 121.20.