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State petroleum firm Saudi Aramco is talking with international banks about borrowing up to $50bn, which would be used to fund the acquisition of a “strategic interest” in state-led petrochemicals giant Sabic.
Aramco has met with bankers over the past several weeks to present proposals for financing the purchase of a major stake in Sabic, which has a stock market value of about $100bn, according to a 1 October Reuters report.
Riyadh’s Public Investment Fund (PIF) holds 70% of Sabic’s equity, with 30% of its shares being traded on the Saudi Stock Exchange (Tadawul). The deal is expected to involve the purchase of all or nearly all of PIF’s 70% stake in Sabic.
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