The Saudi Energy Minister Khalid Al-Falih stated that Aramex intends to launch its first international bonds in the second quarter of 2019, and the proposed offering size is likely to reach $ 10 billion.
SABIC is the fourth largest petrochemical company in the world, and it is 70% owned by the Saudi Public Investment Fund, which is the largest sovereign fund in the Kingdom and the rest of its shares offered in the Saudi Stock Exchange. Aramco is 100% state-owned.
Aramco had confirmed earlier that it was seeking to buy a strategic stake in SABIC from the Public Investment Fund, but did not reveal the size of this stake, and said that the talks are still at a very early stage.
Bloomberg Network previously commented on the deal, saying it would be a way to transfer billions of dollars from Aramco to the Public Investment Fund, which was originally aspiring to get those billions from Aramco's initial public offering. < / p>
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