Monday 10, September 2018 by Kudakwashe

Goldman Sachs to advise Saudi's PIF on SABIC sale


Saudi Aramco plans to buy a controlling stake in Saudi Basic Industries Corp (SABIC), possibly taking the entire 70 per cent holding owned by Public Investment Fund (PIF).

Saudi Arabia’s PIF has selected Goldman Sachs to advise on the sale of its stake in SABIC to Saudi Aramco, reported Reuters.

Citigroup will advise SABIC on the transaction.

The sale will also provide a source of cash to the PIF after an initial public offering (IPO) of Aramco was shelved.

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