RIYADH — Saudi Aramco is heading to pay a total of SR93.28 billion ($24.87 billion) to the Public Investment Fund (PIF) in the coming days. This amount represents the first installment, which is equivalent to 36 percent of the value of the acquisition of PIF’s 70 percent stake in the Saudi Basic Industries Corporation (SABIC) by Aramco, Maaal online business daily reported quoting well informed sources. According to the sources, the deal will be closed during the current week after the parties finalize all the details of the acquisition and obtaining the necessary regulatory approvals from the relevant authorities to complete the process of acquisition, which is the largest acquisition in the Middle East at a value of SR259.125 billion ($69.1 billion). The payment of the first installment is consistent with what Saudi Aramco announced on Oct. 6 last year that the company and PIF, the Saudi sovereign wealth fund, agreed to amend the payment terms. Under the terms, 36 percent of the purchase price (to be adjusted with certain expenses) be paid in cash, while the remaining 64 percent of the purchase price will be settled in the form of a loan arranged by the seller. The first agreement stipulated that the purchase price for the acquisition be paid on the closing date in the form of a cash payment equal to 50 percent of the purchase price, as well as a seller loan with an amount equal to 50 percent of the purchase price. According to the amendments, the loan will be guaranteed by four promissory notes issued by Saudi Aramco in favor of PIF, while the balance of loan expenses will be guaranteed by five additional promissory notes. These amounts will be paid over the period from 30 Sept. 30, 2020, to Sept. 30, 2025, and currently it is planned to pay them in a gradual way through cash from operations or external financing of debt or both. Saudi Aramco, the world’s largest oil producer, announced on March 27, 2019, the signing of a share purchase agreement to acquire a 70 percent stake in SABIC from PIF, in a private transaction for SR 259.125 billion (or SR123.39 per share), which is equivalent to $69.1 billion. The remaining 30 percent publicly traded shares in SABIC are not part of the transaction. The agreement, which termed as one of the biggest chemical industry deals ever, is aimed to help boost Aramco’s downstream growth. Later in October, Aramco and PIF inked the agreement to amend the payment terms.