Saudi Industrial Investment group (SIIG) will launch 50% of its subsidiary Saudi National Petrochemical Company (Petrochem) for initial public offering (IPO) starting from 18th July to 24th July, the company said.
The offer price will be US$2.67 per share. 50% of the company will represent 240m shares.
Saudi Industrial Investment group (SIIG) has established Petrochem with a capital of $1.28 billion. SIIG has contributed 50% of Petrochem capital, and the rest, $640 million, has been contributed equally ($213.55 million each) by the Public Pension Agency in Saudi Arabia, the General
Organization for Social Insurance and public subscription, at $2.67 per share.
Petrochem will own 65% of the project, called the Saudi Polymers Company (Chevron Phillips has a ratio of 35%), a project being implemented in the industrial city of Jubail, and the total cost of $5.82 billion.
It should be noted that SIIG had already doubled its capital, for the purpose of investing in Petrochem, and paid their assessed contributions in full.
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