Investors in Saudi Arabia began the widely anticipated scramble for Yanbu National Petrochemicals Company's (Yansab) US$525 mln initial public offering (IPO). Saudi Basic Industries (Sabic) is offering 39.4 million shares in Yansab for 50 Saudi riyals ($13.3) each. The IPO is open only to Saudi nationals and will close on December 29.
Yansab is to have a paid-up capital of SR5.625 billion (US$1.5 billion) and is due to start production in 2008. Sabic will keep a 55% stake in Yansab and offer 10% to partners in two subsidiaries, Ibn Rushd and Taif.
Production capacity at Yansab will be at 4 mln tpa of petrochemicals. Sabic signed deals earlier this month with oil services company Technip to design and build an ethylene plant at Yansab, and with Japan's Toyo Engineering to design and build a glycol ethylene unit.
20-Dec-05 
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