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Saudi Kayan Seeks Additional Funds to Cover Rising Construction Costs

1:51 AM MDT | July 26, 2010 | Natasha Alperowicz

Saudi Kayan is seeking to raise additional bank loans to cover a 24% rise in the cost of construction of its multi-billion dollar complex at Jubail, Saudi Arabia. The company has already invested SR35.4 billion ($9.4 billion) in the complex and needs to raise an additional SR9 billion to complete the investment, according to its statement to the Saudi Stock Exchange. Saudi Kayan will seek loans and funds from shareholders, including Sabic, which holds a 35% stake in Kayan, to cover the rise in the cost and to avoid delays in completion dates. Saudi Kayan has...

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