The acquisition was done in four special transactions on Sunday.
Aramco issued a statement thereafter, according to Al Arabiya English:
'The deal completion is on-track with expectations to be finalised before the end of the second quarter.
'All necessary pre-closing regulatory clearances have been obtained.
'We will make a completion announcement in due course.'
Aramco signed a deal last year with
The payment for SABIC, the world's fourth-largest petrochemicals firm, will be funded in part by four bonds issued by Aramco to the PIF.
Aramco indicated that 36 percent of the purchase price will be paid in cash.
It said 64 percent will be paid in the form of a seller loan.
Therefore, the proceeds to the PIF in the form of cash will amount to
In March, Aramco received unconditional clearance from the
The company reported a 25 percent fall in first-quarter net profit in May, below analyst estimates, as the coronavirus pandemic slashes global demand for petroleum products.
© Pakistan Press International, source