Sabic Sets Up Sabic Sukuk Company

摘要

Saudi Basic Industries Corporation(Sabic)has set up a subsidiary,Sabic Sukuk Company,to handle the issue and supervision of Islamic bonds(Sukuks).The first issue to be arranged by Sabic Sukuk Company will be launched this month,or in July at the latest,and will be worth at least SR 1 billion(266.7 million),according to the Chief Financial Officer of Sabic,Mr.Mutlaq al-Morayshid.Initially,only state-owned and semi-public banks and financial institutions will be able to purchase the bonds,since there is no domestic market for bonds in Saudi Arabia.The proceeds of this issue will be used to finance Sabic's acquisition of a 35% shareholding in Kayan Petrochemicals Company and its 55% interest in Yanbu National Petrochemicals Company(Yansab),Mr.al-Morayshid told the newspaper Asharq al-Awsat.The rest is earmarked for the expansion of its complexes.