Nod of approval for Sipchem sukuk by regulatory board

14-Jun-11

Saudi International Petrochemical Co (Sipchem) has received regulatory approval to issue an Islamic bond (sukuk). The size of the sukuk is to be decided after approval from Saudi Arabia's Capital Market Authority. In December 2010, Sipchem announced plans to raise at least 1.5 billion riyals (US$400 mln) through a sukuk issue to finance new projects. The firm is planning to spend 400 million riyals to build the first ethyl acetate plant in the region, with Rhodia.