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SABIC Enters Into Agreement With SAMBA for Management of YANSAB

Source: www.gulfoilandgas.com 11/26/2005, Location: Middle East

Saudi Basic Industries Corporation (SABIC) entered into agreement with SAMBA Financial Group as financial advisors for the management of SABIC affiliate, Yanbu National Petrochemicals Company’s (YANSAB) public subscription. YANSAB has a fully paid-up capital of SR5.625 billion (US$1.5 billion). SABIC holds 55 percent of the shares; 10 percent will go to SABIC affiliates IBN RUSHD and TAYF; and 35 percent amounting to SR 2 billion (US$533 million) will be offered for public subscription at SR 50 (US$13.30) per share. The date of public subscription will be announced once official approval has been given.

Mr. Al-Mady said, “Offering some of YANSAB’s capital for public subscription is in line with Government policy, which aims to give citizens the opportunity to invest in major industrial projects, whilst assuring a sound Saudi economy and continuing the trend to diversify sources of income into the national economy”.

Mr. Issa Al-Issa said: “SABIC is one of Saudi Arabia’s major industrial companies and one of the most significant pillars of the national economy. SABIC is a great proud national industrial symbol which, thanks to its sustained efforts, has been able to build up a global reputation. SABIC, through its mega projects including YANSAB, endeavors to enhance the strength of the Saudi economy and launch investment opportunities for the welfare of society”.

Mr. Al-Issa added that this agreement further strengthens the confidence in SAMBA to administer leading companies’ public subscription of shares and to contribute to the transformation of the Saudi economy by utilizing available financial and administrative facilities.

YANSAB plans to commence production at its complex in 2008 with an annual capacity of 4 million metric tons (MT) of petrochemical products. It is currently under construction in Yanbu Industrial City. Products will include: 1.3 million MT of Ethylene, 400K MT of Propylene, 900K MT of Polyethylene, 400K MT of Polypropylene, 770K MT of Ethylene Glycol, 100K MT of Butene-1 and Butene-2, 250K MT of Toluene and Xylene and other world-class products. These will provide the new company with the competitive capability to become a world leading petrochemical company. The new company will provide 1,500 job opportunities for Saudis in keeping with SABIC’s strategic policy to attract, train and qualify Saudi employees.

YANSAB’s output will bring new added-value to SABIC’s contributions to national downstream growth as a major producer of polyolefins. This will also enhance SABIC’s competitive capabilities in the global marketplace.

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