Thursday, May 24, 2012
(This story was originally published Wednesday.)
RIYADH (Zawya Dow Jones)--Saudi Basic Industries Corp. (2010.SA), or Sabic, the Middle East's largest listed company, said Wednesday it bought part of a residential project from the kingdom's largest developer Dar Al Arkan Real Estate Development Co. (4300.SA) for 741.7 million Saudi riyals ($197.8 million).
Sabic purchased the plot to build a residential complex for its employees, it said in a statement posted on the Saudi bourse website.
In a separate statement, Dar Al Akran said the transaction will be reflected in its second-quarter financial earnings.
Sabic shares last traded flat at SAR95.25, while Dar Al Arkan rose 1.8% to SAR11.25.
-By Summer Said, Dow Jones Newswires; +966-546-842373; summer.said@dowjones.com; Twitter: @ZDJnews
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
24-05-12 0352GMT
