SAUDI ARABIA

Two Saudi Companies Buy Minority Stakes in SABIC Subsidiary

Two private Saudi companies the Saudi Arabian Plastic Products Company and the Arabian Plastic Manufacturing Company have purchased 1% and 0.6% respectively of the share capital of the National Plastic Company (Ibn Hen), a subsidiary of the Saudi Basic Industries Corporation (SABIC). Under a privatization scheme disclosed last November SABIC announced plans to reduce its share in Ibn Hayyan gradually from 85% to 55%,...