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FINANCIAL NEWS
Sipchem gets OK for sukuk issuance
13 Jun 2011
(MENAFN) Saudi International Petrochemical Co, which is well known for its shorter name; Sipchem, unveiled gaining necessary approvals for issuing Islamic bonds, reported Arab News.
Sipchem elaborated saying that the selling of sukuk would aim at raising USD400 million that would be used invested in new projects.
The new projects include Sipchem’s first ethyl acetate plant in the region in collaboration with France-based Rhodia.
It is worth noting that Sipchem stated it would require one local and one regional bank to for the sale.
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