Saudi Kayan Petchem to raise $1.8bn from IPO

12 April 2007 03:40  [Source: ICIS news]

SINGAPORE (ICIS news)--Saudi Kayan Petrochemical has received approval late on Wednesday from the Saudi stock market regulator to sell Saudi riyal (SR) 6.75bn ($1.8bn) worth of shares in its initial public offering (IPO) this month.

The company, which Saudi Basic Industries Corp (SABIC) has a 35% stake, will offer 675m shares at SR10 each between 28 April and 7 May, the Capital Markets Authority said in a statement on Saudi bourse Tadawul’s website.

This represents 45% of the company’s share capital, it added.

Kayan Petrochemical holds the remaining 20% stake in the company.

Saudi Kayan is to build a 1.3m tonne/year ethane-butane mixed feed cracker in Al-Jubail, the first of its kind in Saudi Arabia, and it will produce more than 4m tonnes/year of diversified chemicals.

The project was targeted to start up in August 2009.

($1=SR3.75)

By: Florence Tan
+65 6780 4359

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