Saudi SABIC explores IPO option for gas subsidiary
SABIC holds a 74% stake in National Industrial Gases Company (GAS), while the Saudi-listed National Gas and Industrialization Company owns a 9% share.
SABIC, 70% owned by Saudi Aramco, said that the study remains ongoing, with each option evaluated on financial, technical, regulatory, and economic parameters.
The petrochemicals giant said the move was in line with its strategy of portfolio optimization and focusing on core business focus. An IPO of GAS would aim to improve SABIC's financial position and add value for shareholders.
GAS is primarily engaged in the production and supply of industrial gases.
(Writing by Brinda Darasha; editing by Seban Scaria)
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