Sector News

Saudi’s Sipchem to pay $100.2 mln to up stake in two local units

June 24, 2015
(Reuters) – Saudi International Petrochemical Co (Sipchem) has agreed to pay $100.2 million to raise its stake in two local subsidiaries, it said on Wednesday.
The firm will buy stakes owned by Kuwait’s Ikarus Petroleum Industries Co in International Acetyl Company and International Vinyl Acetate Company.
Both companies operate plants for production of acetic acid and acetic anhydride and vinyl acetate monomer, located in Saudi Arabia’s Jubail Industrial City, Sipchem said in a statement to Riyadh’s bourse.
Sipchem, which already owns 76 percent of each of the two companies, said after the deal its equity in each would rise to 87 percent.
The acquisition, which would be funded through Sipchem’s own resources and Islamic financing facilities, was targeted to be completed during the third quarter of 2015, it said.
(Reporting By Tom Arnold, editing by Matt Smith)

comments closed

Related News

August 23, 2019

The higher purpose of being a CEO

Borderless Leadership

LinkedIn Twitter Xing EmailWhen I left my second large company experience to become President of a small manufacturing company I did so driven by ego; I fancied the title. Soon […]

August 23, 2019

As Brexit nears, Britain’s drugs, devices and pricing regulators seek the exit

Life sciences

LinkedIn Twitter Xing EmailFirm details on exactly how the U.K. will regulate new medicines is still to be decided after it leaves the EU later this year (caveats on timing […]

August 23, 2019

The Simply Good Foods Company acquires Quest Nutrition for $1bn

Consumer Packaged Goods

LinkedIn Twitter Xing EmailThe Simply Good Foods Company, the owner of Atkins-branded food products, has secured a deal to acquire protein snack maker Quest Nutrition for $1 billion. Quest, which […]

How can we help you?

We're easy to reach