Sipchem board approves issue of SR1.5 bln Islamic bond (sukuk) to fund new ventures

Saudi International Petrochemical Co (Sipchem) plans a US$400 mln sukuk to raise a minimum of 1.5 billion riyals by the first quarter of 2011 to finance expansion. The issuance is expected by the first quarter of next year. Sipchem has mandated one local and one international bank as financial advisers, declining to give more details before it gets approval from the Capital Market Authority (CMA). Sipchem is planning to spend 400 million riyals to build the first ethyl acetate plant in the region.
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