Riyadh – Mubasher: The Saudi Basic Industries Corporation (SABIC) is considering available opportunities for investing in Africa and establishing fresh plants, CEO Yousef Al Benyan said.
The Middle East’s biggest petrochemicals producer has as much as SAR 27 billion in debts due this year, Reuters reported, citing Al Benyan as saying.
All financing options, including bonds, are on the table, the CEO added.
Earlier on Sunday, SABIC stated that its net profits increased 5.35% to SAR 5.581 billion in the first quarter of 2018, from SAR 5.23 billion during Q1-17 on the back of higher prices and sales volumes.
In October 2017, Al Benyan indicated that SABIC’s strategy requires implementing acquisitions, citing keenness to carry out takeovers in China, Africa, and the US.
By 12:49 am Saudi time, SABIC’s stock rose 0.09% to SAR 118.80.
