Riyadh – Mubasher: Saudi Basic Industries Corp. (SABIC) is looking to acquire an additional 25% stake in the Saudi Methanol Company (Arrazi), the Saudi General Authority for Competition (GAC) said.
SABIC requested to raise its stake in Arrazi, co-owned by Japan Saudi Arabia Methanol Company (JSMC), GAC added in a statement on Wednesday.
In December 2018, SABIC signed an agreement with JSMC to buy 50% of the company's shares in Arrazi for $150 million.
Under the deal, SABIC boosted its stake in Arrazi to 75%, with JSMC holding the remaining 25% stake.
By 12:34 pm Saudi time, SABIC’s stock inched up 0.16% to SAR 123.60.
