Sabic plans US$2.7 billion bond sale to Saudi fund
Source: BI-ME and Bloomberg , Author: BI-ME staff
Posted: Tue December 29, 2009 9:48 pm

SAUDI ARABIA. Saudi Basic Industries Corp., the world’s largest petrochemical maker known as Sabic, plans to raise SAR10 billion (US$2.7 billion) in a private placement of bonds to the government-run Public Investment Fund reported Bloomberg, citing a company statement.

The seven-year notes will help finance the company’s expansion plans, the Riyadh-based petrochemical maker said in a statement on the Saudi bourse Website today. Sabic signed an agreement with the Public Investment Fund for the bond issue, according to the statement.

Sabic wants to triple its petrochemical production to 130 million tons by 2020 by building plants and acquiring facilities as the company prepares for higher demand for its products. Sabic’s bond issue will be the biggest since June when Saudi Electricity Co., the state-controlled power producer, raised 7 billion riyals by selling five-year Islamic bonds.

The Public Investment Fund, set up by a royal decree, provides financing for projects that are of a commercial nature and are having a significant importance in developing the national economy, according to information available on the Ministry of Finance website.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: August 26, 2016
UAE. Deloitte report highlights the alternative forms of funding available to deliver the required infrastructure across Middle East airports and to counteract the potential reduction in the ability to raise necessary finance.
date:Posted: August 25, 2016
UAE. More security incidents involving Industrial Control Systems (ICS) operators occurred in 2015 and already in 2016 than any previous year; New targets and tactics likely to emerge as publicly available tools lower barrier to entry; Report offers solutions to combat these emerging threats.
date:Posted: August 25, 2016
INTERNATIONAL. Asia-Pacific nearly doubles 2015 fintech financing in first half of 2016 reaching almost $10 billion as of July 31; growth driven by China.
UAE. Deloitte report highlights the alternative forms of funding available to deliver the required infrastructure across Middle East airports and to counteract the potential reduction in the ability to raise necessary finance.
dhgate
cheap wedding dresses on Ca-Dress.com