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CMA Approves Initial Public Offering of 35% of YANSAB

Source: www.gulfoilandgas.com 12/7/2005, Location: Middle East

The Saudi Arabian Capital Market Authority (CMA) has given approval for the initial public offering of 35% of shares in SABIC affiliate Yanbu National Petrochemicals Company (YANSAB) on the Saudi market. The amount of the initial public offering is approximately SR 2 billion of the total company’s capital which exceeds SR 5.6 billion.

The initial public offering shall be managed by SAMBA as of the start of business on Saturday December 17, 2005 and until up to the closing of business on Tuesday December 29, 2005. The starting price per share will be its listed par value of SR 50. The minimum is 10 shares and the maximum is 5000 shares.

In addition to the 35 percent public offering, SABIC own 55% of YANSAB shares. SABIC’s partners in IBN RUSHD and TAYF including national and regional establishments and companies own 10%.

Mutlaq Al-Morished, Vice President Corporate Finance said, “YANSAB, which is currently under construction at Yanbu Industrial City, will be one of the world’s largest petrochemicals complexes with an annual capacity exceeding 4 million metric tons. It is expected to go on stream by 2008. This is part of SABIC’s plan to reach a total annual capacity of 60 million MT to maximize its contribution to national development programs and enhance SABIC’s competitive capabilities in the global markets.

Mr. Issa Bin Mohammed Al-Issa, Managing Director and CEO SAMBA, said, “SAMBA is proud to be selected lead manager for the YANSAB shares public offering and financial consultant to SABIC. SABIC is one of the Kingdom’s economic and industrial landmarks. With the effort of its management, SABIC was able to foster the strength of the Saudi economy and build up a global sound reputation for national products.

Mr. Al-Issa reaffirmed that SAMBA has taken all measures necessary to effectively complete the public offering process. Unprecedented demand is expected in view of subscribers’ trust in SABIC and in anticipation of the prosperous future of YANSAB.

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