Saudi Basic Industries Corporation (Sabic) has entered into agreement with BNP Paribas, Arab Banking Corporation (ABC) and Samba as financial advisors and lead arrangers for a loan of US$4.8 billion for Saudi Kayan. An agreement has also been signed with Samba Financial Group appointing it as financial advisor and IPO manager for the Saudi Kayan Petrochemical Company's public subscription. The company will offer 45% of its capital for public subscription, after obtaining necessary approvals. Sabic owns 35% of this capital while Kayan Petrochemicals Company owns 20%.
A Saudi affiliate- The Saudi Kayan Company is currently under formation and plans to construct a world-class giant petrochemical complex in Al Jubail, Saudi Arabia, with an annual capacity exceeding 4 mln metric tonnes of chemical products, some of which will be manufactured for the first time in Saudi Arabia, including polycarbonate.
17-Jul-06 
