SABIC chooses HSBC and Morgan Stanley to put the chemical unit

SABIC SABIC has chosen HS and Morgan Stanley for the initial public offering of a specialized chemical unit, quoting Reuters on sources.

SABIC, the fourth largest petrochemical company, Al Ahli Capital said earlier in the year to work on the initial public offering, which sources said he crafted hundreds of millions of dollars.

One of the exporters and a third source said the activities of specialized chemicals was about two billion annual sales of SABIC, controlled by Saudi Aramco giant.

Two sources said earlier that the promotion of the deal, globally could be launched later this year or early 2022.

Saudi Arabia, which has launched an Aramco's $ 29.4 billion IPO in 2019, has become one of the largest Middle East markets.

SABIC is owned by Aramco by 70% and approximately $ 83.5 billion. SABIC has 31.5% of the Swiss Clarit of specialized chemicals.