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Saudi Aramco meets to approve SABIC deal plan
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Saudi Aramco's board of directors will meet this week in the kingdom, where it will approve a bond issuance plan that is likely to contribute to financing a possible acquisition of a strategic stake in Saudi Basic Industries Corp (SABIC), industry sources said.
Saudi Energy Minister Khalid Al-Falaj said Aramco, the world's largest oil producer, plans to launch its first international bond in the second quarter of 2019 and is likely to be worth $ 10 billion.
Two sources familiar with the issue said the company's representatives were expected to meet with fixed-income investors in a "bond tour" in April.
The deal is expected to include the full or near-full acquisition of SABIC's 70 percent stake in the Public Investment Fund, the country's sovereign wealth fund. This means that the deal is worth about $ 70 billion, although the acquisition price has not yet been announced.
Aramco's board of directors will meet on Monday and approve the company's financial results, which are likely to include the bond prospectus along with its oil and gas reserves, sources said.
"The board will approve the bonds. (Deal) SABIC is advancing but any deal of this size takes time.
http://economy-news.net/content.php?id=15730
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