SABIC sees 4 negotiated deals worth SAR 259.1 bln today
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Saudi Basic Industries Corp (SABIC) saw 4 negotiated deals on its shares today, where about 2.1 billion shares were privately traded for a total of SAR 259.12 billion.
In March 2019, state oil giant Saudi Aramco signed a share purchase agreement to acquire a 70% majority stake in SABIC from the Public Investment Fund (PIF), worth SAR 259.125 billion, or SAR 123.39 per share, equivalent to $69.1 billion
In October 2019, Saudi Aramco inked an agreement with PIF to amend the payment terms of the $69.1 billion worth of the acquisition of a 70% stake in SABIC.
Under the new amendments, 36% of the deal value will be paid in cash upon the close of the deal, and the remaining 64% will be settled in the form a loan arranged by the seller.
Negotiated Price (SAR)
A negotiated deal involves a stock purchase based on a bargain between buyers and sellers, apart from market price. The negotiated price does not impact directly on market price, according to Saudi Stock Exchange (Tadawul).