DUBAI, Sept 18 (Askume) – Saudi Basic Industries Corp (SABIC) (2010.SE) , one of the world’s largest petrochemical companies, said on Wednesday it would buy aluminium from Bahrain (Alba).(ALBH.BH) will sell its minority stake in Saudi Arabian mining giant Ma’Aden for about $1 billion.
SABIC said in a stock exchange filing that proceeds from the sale of the 20.62% stake are expected to be between 363 and 398 million Bahraini dinars ($963.25 million to $1.06 billion). The proceeds will be used to support the development of SABIC’s chemicals industry.
SABIC said, “This transaction is in line with the company’s priorities, which include optimising its portfolio and reallocating capital to achieve better returns and higher margin opportunities, and this includes becoming a leading company in the sector of choice.
According to LSEG, Alba has a market capitalization of approximately $4.8 billion.
(1 USD = 0.3769 Bahraini Dinar)
