Saudi Arabia's oil giant Aramco bought 2.1 billion shares, or 70 percent, of Saudi Basic Industries Corp (SABIC) for 259 billion riyals ($69.1 billion) in four special transactions executed on Sunday, according to data on Tadawul.

The transaction was priced at 123.39 riyal ($32.86) per SABIC share.

Aramco signed a deal last year with Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), for a majority shareholding in the petrochemicals company.

The payment for SABIC, the world’s fourth-largest petrochemicals firm, will be funded in part by four bonds issued by Aramco to the PIF, reports indicated late last year.

(Writing by Seban Scaria, editing by Daniel Luiz)

seban.scaria@refinitiv.com

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