The Riyadh-based Al-Zamil Group has established Sahara Petrochemical Company, with a capital of SR1.5 billion, to invest in the Kingdom’s petrochemical industry.
Al-Zamil Group has completed all formalities to establish a new holding company that will invest in the petrochemicals sector of the Kingdom, according to a press statement issued by Al-Zamil Group.
The company will be capitalized at SR1,500 million (US$400 million) and shares will be floated for the private placement has already been oversubscribed by SR1 billion (SR1,000 million), the statement said. The remaining sum of SR500 million will be open for public offering, managed by the Riyadh-based Consulting Centre for Finance and Investment (CCIF), of which Abdurrahman Al-Zamil is President.
Al-Zamil, Chairman of Al-Zamil Group, signed agreements with Riyadh Bank, the National Commercial Bank and the Saudi-American Bank (Samba) authorizing them to receive public requests for shares.
Sahara Petrochemical Company will invest in two petrochemical projects in Jubail. The first project will produce polypropylene in partnership with Bassell. The second project will establish an ethylene complex in collaboration with national and international partners, the press statement said.
Source: SPA
