October 27, 2019 / 7:40 AM / 23 days ago

Sabic CEO says no intention of selling Clariant stake

RIYADH, Oct 27 (Reuters) - Saudi Basic Industries Corp. (SABIC) has no intention of selling its stake in Clariant but has assessed it as it does all its investments, CEO Yousef al-Benyan said on Sunday after taking a $400 million impairment loss on the stake.

International financial reporting standards require companies to evaluate their assets and SABIC applies this procedure, he told reporters.

Commenting on Clariant’s share price, he said SABIC always focuses on productivity, credibility and profitability and that the stock price was defined by market fundamentals. (Reporting by Marwa Rashad; editing by Jason Neely)

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