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Sipchem sells stakes in units for $64m
- Middle East: Tuesday, June 23 - 2009 at 11:28
Saudi International Petrochemical Co (Sipchem) has said it had sold 11% stakes in two affiliates to Kuwait's Ikarus Petroleum Industries for SR240 million ($64m). Sipchem will realize a profit of SR55 million from the deal in Q2 2009, Reuters has reported. Sipchem and Ikarus had initially agreed that the latter would take stakes of 15% in the two firms, but they agreed later to reduce the holding to 11%, Sipchem added.
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