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Saudi International Petrochemical Company (“Sipchem”) announces its plans for its Initial Public Offering (“IPO”) by listing its shares on Tadawul, the Saudi Arabian Stock Exchange. The Initial Public Offer ("IPO") is primarily intended to facilitate a capital increase to finance Sipchem`s expansion projects.
The Company has appointed The National Commercial Bank ("NCB") as Financial Advisor, Lead Manager and Lead Underwriter to the IPO in a ceremony that took place today in Sipchem’s offices in Al-Khobar. Sipchem’s President, Ahmed A. Al-Ohali is quoted as expressing his confidence in the past performance of the Company as well as the potential for the future, and his pleasure at the imminent participation of the Saudi public in Sipchem’s future success. The Deputy General Manager of NCB, Mr. Abdulkareem Abu AlNasr stressed the importance of this milestone offering and the positive impact of listing a leading industrial Company with the financial strength of Sipchem on the performance of the Saudi Arabian stock market and the Saudi economy in general. Both Sipchem and NCB are looking forward to working closely with CMA and the Ministry of Commerce and Industry to achieve a smooth and successful process.
Sipchem is a Saudi Arabian closed joint stock company formed in 1999 to become a leading diversified and integrated international petrochemical company. The Company`s first phase of development comprises of two joint ventures with international partners for world-scale methanol (completed in 2004) and butanediol petrochemical projects (currently in the start-up phase). Sipchem is currently developing as Phase II an integrated Acetyls petrochemical complex. Sipchem’s paid-in capital is SR 1,500 MM (US$400 MM). The Company presently has 73 shareholders, all leading individual and corporate investors from Saudi Arabia and the GCC region. |
