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Four trades linked to Aramco purchase of 70% stake in SABIC: market sources

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Four transactions involving 2.1 billion shares in Saudi Basic Industries Corp on the Saudi bourse on Sunday appeared to be linked to Saudi Aramco's planned purchase of a 70% stake in the petrochemicals company, two market sources said.

FILE PHOTO: The headquarters of Saudi Basic Industries Corp is seen in Riyadh, Saudi Arabia April 19, 2016. REUTERS/Faisal Al Nasser/File Photo

RIYADH - Four transactions involving 2.1 billion shares in Saudi Basic Industries Corp 2010.SE on the Saudi bourse on Sunday appeared to be linked to Saudi Aramco’s planned purchase of a 70% stake in the petrochemicals company, two market sources said.Saudi Aramco last year agreed to buy a 70% stake in Saudi SABIC from the kingdom’s wealth fund for $69.1 billion in one of the biggest deals in the global chemical industry.

Cross transactions, known as special deals in Tadawul, are executed at an agreed price between a buyer and a seller whose identity are not revealed by the market. “No doubt, this is a transaction between PIF as a seller and Aramco as a buyer,” one of the sources said, adding that an official announcement will most likely be available after market close.

The agreement will help boost Aramco’s downstream growth plans and could inject billions of dollars into the PIF, giving it the firepower to proceed with its plans to create jobs and diversify the largest Arab economy beyond oil exports.Reporting by Marwa Rashad; additionnal reporting by Saeed Azhar;Editing by Elaine Hardcastle

 

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so sucking Aramco's cash directly into gov. safe?

Hmmm...

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