SIIG to offer 50% in subsidiary by IPO

09-Jun-09
Saudi Industrial Investment group (SIIG) plans to launch an initial public offering (IPO) from July 18-24 for 50% of its subsidiary Saudi National Petrochemical Company (Petrochem). 50% of the company will represent 240 mln sharesoffered at US$2.67/share. Saudi Industrial Investment group (SIIG) has established Petrochem with a capital of US$1.28 billion. SIIG has contributed 50% of Petrochem’s capital, and 25% each has been contributed ($213.55 mln each) by the Public Pension Agency in Saudi Arabia, the General Organization for Social Insurance and public subscription at $2.67/share. Petrochem will own 65% of the project, called the Saudi Polymers Company (Chevron Phillips has a ratio of 35%), implemented at a total cost of US$5.82 billion.
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