Saudi Aramco buys SABIC shares on market as it completes acquisition - Reuters:
State-owned Saudi Aramco (2222.SE) bought 2.1 billion shares of Saudi Basic Industries (SABIC) (2010.SE) on the stock market on Sunday as it completed its deal agreed last year to buy 70% of the petrochemical giant, according to sources and market data.
Four transactions were executed on the Saudi exchange, known as Tadawul, involving SABIC shares worth 259,125 billion riyals ($69.1) billion, Tadawal data showed, without naming the buyer.
Four sources confirmed the transactions were part of the Aramco acquisition agreed in 2019 and which will be one of the biggest in the global chemical industry once completed.
The shares are being sold by the Saudi sovereign fund, the Public Investment Fund (PIF), giving it more cash to invest in the government programme to diversify the economy away from oil.
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