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Aramco acquisition talks only with PIF, says SABIC CEO.

Kudakwashe

Talks on the potential acquisition of a stake in SABIC are taking place solely between Aramco and the kingdom's top sovereign wealth fund, reported Reuters .

Yousef al-Benyan, SABIC CEO, said, "Hard to expect anything in this regard Aramco-PIF talks are between an owner and a future investor."

JPMorgan and Morgan Stanley are advising on Aramco's plan to buy up to a 70 per cent stake in the petrochemical maker.

Saudi Basic Industries Corp (SABIC) posted an 81 per cent increase in second-quarter profit as selling prices and sales volumes rose.

The first half of 2018 was 'very positive' and SABIC expects the second half of the year to be 'equally positive," added Al Benyan.

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Publication:CPI Financial
Date:Jul 29, 2018
Words:129
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