Sabic sets up Islamic finance arm
Posted: 19 June 2006
 Send this article
 Print this article
Saudi Basic Industries Corporation (Sabic) has set up an Islamic finance arm that will oversee its domestic Islamic bond issuances. Sabic Sukuk Company's first issue will be of at least $267 million to help finance expansion projects, Sabic said.
Sabic chief financial officer Mutlaq Al Morished said: “We want to test the market's appetite.”
The sukuk would be the first issued by a private Saudi firm. Sabic has mandated HSBC's Saudi British Bank to lead manage its sukuk issue.
The firm, which plans to invest $20 billion on expansion projects by 2008, has said it is not looking abroad despite strong credit ratings.
Standard and Poor's in September assigned Sabic A long-term and A-1 short-term ratings, saying they reflected its position as market leader, its access to cheap natural gas and proximity to fast growing Asian markets. Sabic's net profit rose 35% last year to 19.2 billion riyals and turnover was up 13.5%
|
The full content of Pipeline Magazine – and more - is now available online.
You can access from anywhere. You can search the archives. Email an article to a colleague. Keep your own file of cuttings. more details
Pipeline Magazine is free to paying subscribers. Non-subscribers get a FREE TRIAL. Register here
Read the latest issue.
*Limited time only |
powered by  |
Posted by Editor Pipeline Magazine
Information supplied by companies
or PR agencies who are responsible for content. Send press releases
to info@pipelinedubai.com |
