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Markets :: Plastics :: Polypropylene

Saudi Regulator Approves Petrochem's IPO

9:26 AM MDT | June 8, 2009 | Natasha Alperowicz

The Saudi Capital Market Authority (CMA) has announced an initial public offering (IPO) of shares in Saudi National Petrochemical Co. (Petrochem). The IPO will raise SR2.4 billion ($640 million) by offering 240 million shares to investors from July 18 through July 24 at SR10 per share. This represents 50% of the company's total outstanding shares, the CMA says. Petrochem is a new joint stock company incorporated in Saudi Arabia, which will own 65% in Saudi Polymers Co. (SPC), another recently created limited liability company, currently building a large...

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