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Sipchem Sells Stake in Saudi Acetyls Affiliates to Kuwaiti Firm

12:40 PM MDT | July 1, 2009 | Natasha Alperowicz

Saudi International Petrochemical Co. (Sipchem; Al Khobar, Saudi Arabia) says it has sold an 11% stake in two affiliates, International Acetyls Co. and International Vinyl Acetate Co., to Ikarus Petroleum Industries Co. (Shouweikh, Kuwait) for SR 240 million ($64.1 million). Sipchem notified Tadawul, the Saudi Stock Exchange, nearly two years ago that it had selected Ikarus as its partner in these companies but has only just closed the deal. Sipchem will realize a one-off gain of SR55 million from the transaction, which will be reflected in its...

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