Sumitomo Chemical Co (JP:4005) has released an update.
Sumitomo Chemical Co., Ltd. has agreed to sell a 22.5% stake in Petro Rabigh to Saudi Aramco for approximately $702 million, altering the ownership structure and reducing Sumitomo’s interest from 37.5% to 15%. To support Petro Rabigh’s financial improvement, both companies will waive a total of $1.5 billion in revolving shareholder loans. The transactions are subject to regulatory approvals, and the financial impact on Sumitomo Chemical’s results is expected to be immaterial.
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