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DUBAI/LONDON (Reuters) - Saudi Basic Industries Corp (SABIC) has hired NCB Capital to advise on a potential listing of its speciality chemicals business, an offering that could raise several hundred million dollars, three sources said.
FILE PHOTO: A man walks past the headquarters of Saudi Basic Industries Corp (SABIC) in Riyadh, Saudi Arabia October 27, 2013. REUTERS/Faisal Al Nasser/File Photo
The company is also sounding out foreign banks for advisory roles and HSBC and JPMorgan are among those in the final phase of pitching for the deal, which could be launched later this year or early 2022, two of the sources said.
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(Reuters) - Stock markets in the Gulf ended higher on Monday, with the Abu Dhabi index marking its best session in more than nine months, led by United Arab Emirates’ top lender, First Abu Dhabi Bank.
FILE PHOTO: Traders wait at the Bahrain Bourse after Joe Biden won the U.S. presidency, in Manama, Bahrain, November 8, 2020. REUTERS/Hamad I Mohammed
The Abu Dhabi index gained nearly 4% and the benchmark has risen in all but two sessions so far in the new year.
First Abu Dhabi Bank was the best performer on the benchmark, adding about 8%. Another bank, Abu Dhabi Commercial Bank, rose nearly 5%.
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.