YANSAB - located in the industrial city of Yanbu on the kingdom's Red Sea coast - will produce 4 mln tpa of ethylene, propylene, polyethylene and other petrochemicals and is scheduled to start production in 2008. Saudi petrochemical giant SABIC will offer investors a 35% share in the Yanbu National Petrochemicals Company (YANSAB), with a paid-up capital of 5.625 billion riyals. SABIC will keep a 55% stake and offer the balance 10% to partners in two of its subsidiary companies, Ibn Rushd and Taif. SABIC plans to launch a 2 billion riyal ($533 million) initial public offering(IPO) for its planned YANSAB subsidiary by early 2006. The exact timing of the IPO, to which only Saudi investors will be eligible to subscribe to, will depend on approval from Saudi authorities.
28-Nov-05 
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