Riyadh – Mubasher: The Saudi Basic Industries Corporation (SABIC) is mulling an initial public offering (IPO) of its multibillion-dollar speciality chemicals unit, Bloomberg said citing people familiar with the matter.
SABIC is speaking with advisers as it weighs a potential listing of the business as early as 2021. Speciality chemicals generate around $2 billion of annual revenue, according to the people.
Deliberations are at an early stage, and there is no certainty they will lead to a transaction, the people said.
SABIC shares rose by 1.6% on the Saudi Stock Exchange (Tadawul) on Wednesday morning, to a high of SAR 98.1, extending the stock’s gain this year to 4.3%.
During the nine-month period ended on 30 September 2020, the Saudi company turned to net losses of SAR 2.18 billion, against net profits of SAR 6.09 billion last year.
