Saudi Arabia seeks consultants to enhance state-owned companies’ governance and performance
Saudi Arabia has hired consultants to advise on how to transform five of its state-owned companies to top global companies, according to Bloomberg. The companies in question include Saudi Telecom Company (STC) [7010.SE], Saudi basic Industries Corp. (SABIC) [2010.SE] and Saudi Arabian Oil Co. (Aramco). The consultants will advise on how to boost the companies’ competitive profiles. The so called “National Champion Plan” also entails reshuffling of assets to reduce the overlap between firms and achieve better efficiency. (Bloomberg) STC: SAR72.53 as of 13 Dec 2016, Rating: Neutral, TP: SAR68.29/share, MCap: USD38,683mn, STC AB / 7010.SE SABIC: SAR94.64 as of 13 Dec 2016, Rating: Neutral, TP: SAR90.00/share, MCap: USD75,712mn, SABIC AB / 2010.SE
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