Sabic explores listing industrial gas unit

Saudi Basic Industries Corporation (Sabic), which is 70 percent owned by Saudi Aramco, is reportedly planning to sell a stake in its industrial gas subsidiary through an initial public offering.

The company is in early talks with potential advisers including Lazard, HSBC Holdings, JPMorgan Chase and Morgan Stanley on a possible listing of National Industrial Gases Company this year, Bloomberg reported, citing sources.

Sabic owns a 74 percent of the subsidiary, which generated SAR1.6 billion ($427 million) in revenue last year, according to its financial statements. Saudi-listed National Gas and Industrialization Company also owns a 9 percent stake.

No final decisions have been made on timing or adviser mandates, the report said.

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The petrochemicals giant reported a net loss of SAR1.2 billion in the three months until March 31, 2025, against a net profit of SAR250 million a year ago.

The company’s shares closed 1.3 percent lower at SAR 59.50 on Sunday.