Saudi chlor-alkali producer set for imminent IPO

21 May 2008 08:21 [Source: ICIS news]

DUBAI (ICIS news)--Saudi Arabia’s Basic Chemical Industries (BCI) will launch an initial public offering (IPO) in 30% of the company, the chlor-alkali producer said in a statement published by the Capital Market Authority on Wednesday.

The 30% stake represents 6.6 million shares of BCI's total 22 million shares. The IPO, to take place from 24 May to 2 June, will be priced at Saudi riyals (SR) 10 ($2.67) with a SR20 premium.

Headquartered in Dammam, BCI produces liquefied chlorine gas, caustic soda liquid and flakes and sodium hypochlorite among other products.

Its subsidiaries produce a range of products inluding polyols, adhesives and performance chemical products for water treatment.

The company is expecting to raise SR198m .

Around 70% of the shares will be allocated to companies and investment funds, while the remaining 30% (about 1.98million shares) will be allocated to persons.

($1 = SR3.75)

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By: Abdelghani Henni
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