Saudi Arabia's Sipchem plans $84m IPO

13 September 2005 16:11  [Source: ICIS news]

LONDON (ICIS news)--Saudi International Petrochemical Company (Sipchem) plans to raise $84m (Euro67.6m) through an initial public offering (IPO) on Tadawul, the Saudi Arabian Stock Exchange, by the end of the year, the company said on Tuesday.

The funds raised would be used primarily for expansion projects, Sipchem added.

National Commercial Bank (NCB) has been appointed financial advisor, lead manager and lead underwriter to the IPO.

Sipchem completed the construction of a world-scale methanol plant in 2004 and its new world-scale butanediol (BDO) plant is currently in the start-up phase. Sipchem is currently developing an integrated acetyls complex, the second phase in becoming an integrated petrochemical company.

By: Hilde Ovrebekk
+44 20 8652 3214

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