The deal is valued between $963.25m and $1.06bn (BHD363m and 398m), and the proceeds will help SABIC grow in the chemicals industry

Aluminum supplier Saudi Arabian Mining Co., which just signed a deal with Alcoa Corp., is pursuing another transaction to swap two subsidiaries for shares in a Bahrain-based rival.

Saudi state-owned miner Ma'aden is exploring a merger of its aluminium business with Aluminium Bahrain (Alba), which would potentially form one of the largest producers in the global aluminium market.