Sabic, Fujian spending $6B for plastics, chemicals complex in China
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Sabic, Fujian spending $6B for plastics, chemicals complex in China
plasticsnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from plasticsnews.com Daily Mail and Mail on Sunday newspapers.
Publishing date: Jan 18, 2021 • January 18, 2021 • 1 minute read •
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(Bloomberg) Saudi Basic Industries Corp. has shortlisted banks including Citigroup Inc. and Morgan Stanley for potential roles on an initial public offering of its specialty chemicals unit, people familiar with the matter said.
The Wall Street banks and others bid for the deal and Sabic is still finalizing the group, said the people, who asked not to be identified as the matter is still private.
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Specialty chemicals generate about $2 billion of revenue each year for Riyadh-based Sabic, which is controlled by the kingdom’s state energy firm, Saudi Aramco. Bloomberg News first reported in November that Sabic is speaking with advisers about a potential listing of the business.