Saudi Aramco to Pay $24.87 Billion to PIF This Week

  • Date: 15-Jun-2020
  • Source: Al Bawaba
  • Sector:Economy
  • Country:Saudi Arabia
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Saudi Aramco to Pay $24.87 Billion to PIF This Week

The amount represents the first installment, which is equivalent to 36 percent of the value of the acquisition of PIF's 70 percent stake in the Saudi Basic Industries Corporation (SABIC) by Aramco, Maaal online business daily reported quoting well informed sources.. Under the terms, 36 percent of the purchase price (to be adjusted with certain expenses) be paid in cash, while the remaining 64 percent of the purchase price will be settled in the form of a loan arranged by the seller.. The first agreement stipulated that the purchase price for the acquisition be paid on the closing date in the form of a cash payment equal to 50 percent of the purchase price, as well as a seller loan with an amount equal to 50 percent of the purchase price..