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Sipchem to issue US$400 mln bond

December 16/2010

(Plastemart) -- Saudi International Petrochemical Co (Sipchem) plans a US$400 mln bond 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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