State-run Aramco has called on banks to bid for an advisory role on the potential acquisition of a strategic stake in Saudi Basic Industries Corp (SABIC), Reuters reported Wednesday, citing two sources with direct knowledge of the matter.
Sources highlighted that Aramco has invited banks last month and the issue is still in its preliminary stages. The oil giant may or may not decide to go ahead with the deal.
SABIC is 70 percent owned by the Saudi sovereign wealth fund, Public Investment Fund, with a SAR 385.2 billion market capitalization.
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