Saudi Basic Industries Corporation (SABIC) announced that it has purchased additional shares in Clariant to increase its stake to 31.5% from 25%.

The increase in stake in Clariant is part of SABIC's growth strategy in specialties, to achieve a leadership position among global peers in specialties business and increase this segment’s contribution to SABIC.

The completion of the transaction is subject to obtaining the required regulatory approvals.

SABIC is ranked among the world’s largest petrochemicals manufacturers based in Riyadh, Saudi Arabia. 70% of the company’s shares are owned by the Saudi Arabian government, with the remaining 30% publicly traded on the Saudi stock exchange.

SABIC began in 1976 by Royal decree and its growth has been nothing short of miraculous. Today, the company has operations in over 50 countries with a global workforce of over 33,000 talented individuals.