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Sumitomo Chemical Co ( (JP:4005) ) has provided an update.
Sumitomo Chemical Co., Ltd. has announced the partial sale of its shares in Rabigh Refining and Petrochemical Company (Petro Rabigh) to Saudi Aramco. This move is part of a strategic plan to enhance Petro Rabigh’s financial structure and support its turnaround efforts. The proceeds from the sale will be reinvested into Petro Rabigh, with both Sumitomo Chemical and Saudi Aramco subscribing to a new class of non-voting ordinary shares. This capital restructuring aims to eliminate accumulated losses without affecting Petro Rabigh’s operations or financial results. The shareholding ratio will shift significantly, with Saudi Aramco increasing its stake to 60%, while Sumitomo Chemical’s shareholding will decrease to 15%. The financial impact on Sumitomo Chemical is still under review, with no immediate changes to its financial forecast.
The most recent analyst rating on (JP:4005) stock is a Hold with a Yen428.00 price target. To see the full list of analyst forecasts on Sumitomo Chemical Co stock, see the JP:4005 Stock Forecast page.
More about Sumitomo Chemical Co
Sumitomo Chemical Co., Ltd. operates in the chemical industry, focusing on the production and sale of a wide range of chemical products. The company is involved in various sectors, including petrochemicals, energy, and materials, with a significant market presence in Japan and internationally.
YTD Price Performance: 29.82%
Average Trading Volume: 10,025,577
Technical Sentiment Signal: Buy
Current Market Cap: Yen730.1B
For detailed information about 4005 stock, go to TipRanks’ Stock Analysis page.