(Corrects buyer companies in paragraphs 2 and 3)
Jan 8 (Reuters) - Saudi chemical major Saudi Basic Industries Corporation (SABIC) has agreed to divest its entire stake in SABIC Europe and its Engineering Thermoplastics (ETP) business in Europe and the Americas, the company said in a bourse filing on Thursday.
SABIC has agreed to sell Sabic Europe to Munich-based asset management firm AEQUITA at an enterprise value of SAR 1,875 million ($500.00 million).
It will sell the ETP business in the Americas and Europe to Munich-based Mutares at an enterprise value of SAR 1,687.5 million ($450.00 million).
The divestment is part of SABIC's plans to improve its group's return on capital expenditure by divesting low-return operations and diverting capital towards growth markets and businesses. The sale of the ETP business will also allow the firm to focus on core chemical operations, it said.
($1 = 3.7500 riyals)
(Reporting by Mohammad Edrees; Editing by Janane Venkatraman)
