Saudi chemicals group SABIC studying IPO of its GAS unit

Saudi chemicals giant SABIC 2020 said on Wednesday it was studying strategic options for its unit National Industrial Gases Company (GAS), including an initial public offering (IPO)of the company.

SABIC said in a statement the move was in line with its portfolio optimization and core business focus strategy, adding that an IPO of GAS would be aimed at improving the group's "financial position and the value added for shareholders."