Saudi Basic Industries Corporation (SABIC) [2010.SE] announced that it had signed an agreement to sell its Polymershapes distribution business to Blackfriars Corporation. Polymershapes is specialised in the distribution of plastic sheet, rod, tube, film and other related products. The company mentioned that the Polymershapes distribution business was not part of the company’s core operations, and that the sell-off would not affect SABIC’s financial and operational performance. SABIC’s CEO, Yousef Al-Benyan, noted that they have decided to sell the distribution unit because it does not match with SABIC’s 2025 transformation strategy. The company added that the selling process is expected to be completed by 4Q16 after finishing the required regulatory procedures. (Argaam)   SABIC: SAR84.97 as of 06 September 2016, Rating: Neutral, FV: SAR90.00 per share, MCap: USD67,976mn, SABIC AB / 2010.SE