Saudi Aramco has completed its purchase of a 70% stake in petrochemicals company Saudi Basic Industries (SABIC) for $69.1 billion and extended the payment period by three years to 2028, providing a cushion against weak oil prices.
) for $69.1 billion and extended the payment period by three years to 2028, providing a cushion against weak oil prices.
The deal values SABIC at 123.39 riyals per share, 27% above the company’s share price of 89.90 riyals, as the coronavirus outbreak has hurt demand for petrochemicals products and lowered SABIC’s share price. Following a seller loan provided by the Saudi state Public Investment Fund , Aramco will pay instalments and loan charges until 2028, extending a previously agreed 2025 deadline.
“The entire Aramco-SABIC deal is about managing cash flow, duplicated costs and access to debt markets within the same group,” Hasnain Malik, head of equity strategy at Tellimer, said.
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