Jun 25 2005 |
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New Petrochemical Firm in KSA Co-Founded by Gassim Agricultural and Yamama Cement
Beirut (APD) - The Saudi-based Gassim Agricultural Company (GACO) and Yamama Saudi Cement Company, in addition to 58 individual investors will establish a new petrochemical firm under the name Kiyan in Saudi Arabia, the Saudi-based business daily Al Iqtisadiah reported Saturday.Informed sources told the daily that the founders will have a stake of 70% in the new company; the remaining 30% will be offered for public subscription as required by the Saudi Ministry of Oil and Mineral Resources.
The sources did not give any specific figures in regards to Kayan's capital but affirmed that it would not be less than SR 3 billion.
Yamama Cement's part in the capital would amount to 2 million shares and GACO's part would be around 1 million shares while the share's nominal value would be SR 50.
The number of investors who showed an interest in the company had reached over 200 individuals. However, pursuant to a request by the Saudi Ministry of Trade and Industry the number of shareholders has been reduced to 60, the sources said.
Saudi Oil Minister Ali al-Naimi had said earlier that the Saudi Ministry of Oil and Mineral Resources had previously offered SR 10 billion ($2.7 billion) in shares of new petrochemical projects in KSA for subscription by the Saudi public.
He had also revealed that the Ministry intends to launch other IPOs that would reach SR 125 billion.
The last IPOs in KSA had witnessed an enthusiastic local demand fueled by a boom in oil revenues and credit facilities offered by banks, the daily said. [FC]
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