MidEBids.com
MidEBids.com
MidEBids.com

15-04-2019

Saudi Aramco to buy $1.2 bln stake in Hyundai Oilbank

Saudi Aramco signed an agreement with Hyundai Heavy Industries to acquire a 17 per cent stake in oil refiner Hyundai Oilbank for 1.4 trillion Korean won ($1.24 billion). Saudi Aramco has the option to purchase another 2.9 per cent stake, according to the stock trading agreement (SPA) signed by the two companies, Hyundai Heavy Industries said in a bourse filing. The Saudi energy giant has five years to purchase 7,107,390 (2.9%) shares at what would be the last selling price of the week.