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SABIC selects HSBC, Morgan Stanley for speciality unit IPO

SABIC selects HSBC, Morgan Stanley for speciality unit IPO
The specialty unit brings in about $2 billion in sales each year for SABIC
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Riyadh – Mubasher: Saudi Basic Industries Corporation (SABIC) appointed HSBC and Morgan Stanley to work on the planned initial public offering (IPO) of its speciality chemicals business, according to sources familiar with the matter cited by Reuters on Tuesday.

SABIC has selected Saudi investment bank NCB Capital earlier this year for the public share sale, which could reportedly raise several hundred million dollars.

The speciality unit brings in about $2 billion in sales each year for SABIC, which is controlled by Saudi Aramco, the sources added.

The Saudi company said in January it hired NCB Capital to advise on a potential listing of a unit.