Saudi-listed SABIC plans to float gas subsidiary: Bloomberg
Saudi Basic Industries Corporation is exploring the possibility of listing its gas subsidiary, Bloomberg reported.
The Saudi-listed company is in preliminary discussion with potential advisers, such as Lazard Inc., HSBC Holdings, JPMorgan Chase & Co. and Morgan Stanley, on listing National Industrial Gases Company as soon as this year, Bloomberg reported citing people familiar with the matter.
SABIC owns 74% of the company, which generated 1.6 billion Saudi riyals ($427 million) in revenue in 2024, according to its financial statements.
The petrochemicals major, which is 70% owned by Saudi Aramco, reported a net loss of SAR 1.21 billion ($322.65 million) in Q1 2025, compared to a net profit of SAR 250 million a year ago.
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