Corrected: Kayan IPO set for Q2 2007

18 December 2006 10:31  [Source: ICIS news]

Correction: In the ICIS news story headlined “GPCA ’06: Kayan IPO set for Q2 2007 – Al-Mady” dated 15 December, 2006, please read in the second paragraph Saudi Basic Industries Corp (SABIC) owns 35% of Saudi Kayan with Kayan holding another 20% … instead of …with private investors holding another 20%... A corrected story follows.

 

DUBAI (ICIS news)--The initial public offering (IPO) of Saudi Kayan Petrochemical has been delayed to the second quarter of 2007 from the expected end of year target, SABIC’s chief executive said on Friday.

 

Saudi Basic Industries Corp (SABIC) owns 35% of Saudi Kayan with Kayan holding another 20%, leaving the remaining 45% available for public subscription, Mohamed Al-Mady said in an interview with ICIS news.

 

There will not be foreign participation, however, as the IPO will be only available to locals, he said.

 

Expanding on the projects being developed by Kayan, Al-Mady said a few contracts for the company’s planned petrochemicals complex had been awarded.

 

“There are almost 15 contracts and we have started on three or four contracts,” he said.

Saudi Kayan’s petrochemical complex would be able to produce over 4m tonnes/year chemicals, including aminoethanols, phenol, cumene and polycarbonate in addition to ethylene, propylene, polypropylene, ethylene glycol.

 

Saudi Kayan has obtained polycarbonate technology licensed from Asahi for the petrochemical complex which is expected to come on stream in 2010.

By: Abdul Hadhi
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