Saudi Basic Industries Corporation (SABIC) announces receiving a notification that the Public Investment Fund (PIF) and Saudi Aramco have signed a purchase agreement for the acquisition by Saudi Aramco of all of PIF’s stake in SABIC
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| Announcement Detail | Saudi Basic Industries Corporation (SABIC) announces receiving a notification that the Public Investment Fund (PIF) and Saudi Aramco have signed a share purchase agreement pursuant to which Saudi Aramco has agreed to acquire all of PIF’s stake in SABIC. The two parties signed the share purchase agreement in Riyadh on Wednesday evening 27 March 2019. The purchase price is (123.40) Saudi Riyals per share, for a total purchase price of (259.125 billion) Saudi Riyals (USD 69.1 billion). Completion of the transaction is subject to customary closing conditions, including regulatory approvals. Upon completion of the transaction, Saudi Aramco will own 70% of SABIC’s outstanding share capital.
In connection with the transaction, SABIC and Saudi Aramco signed an agreement to facilitate completion, which provides for, the confidential sharing of information pursuant to Article nine of the Merger and Acquisition Regulations.
The transaction is a key pillar for SABIC, supporting its strategy to become the world’s preferred chemicals company.
Saudi Aramco has advised that it has no plans to purchase the remaining thirty percent (30%) of SABIC’s shares. |
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