Saudi Arabia's Zamil Group has taken the necessary steps to form the Sahara Petrochemical Company which is capitalized at 1.5 billion Saudi riyals ($400 million).
The private placement of shares for the founders invited by the Al-Zamil Group was greatly over-subscribed, reported a press release. Shares allotted amounted to one billion Saudi riyals.
The remaining share of the capital amounting to SR 500 million will be offered to the public next month in a public offering managed by the Consulting Center for Finance & Investment (CCFI) in Riyadh.
Sahara Petrochemical will invest in two petrochemical projects in Jubail. The first project will be a PDH 1 polypropylene project in partnership with Basell. The second project will be an ethylene complex including low density and high-density polyethylene production in partnership with international and local companies. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
