Saudi International Petrochemical Co. (Sipchem) expects to raise up to SR2 billion ($533.3 million) from a planned Islamic bond offering to fund plant expansions, its chief executive said.
Sipchem, which plans to part-finance three projects worth over $1 billion with the Sukuk sale, began roadshows for the bond on Saturday and sees book building to begin next week.
“”We target raising SR1.5 billion from the issue and the value may rise to SR2 billion based on our need and on the offers (from investors),”" chief executive Ahmad Al-Ohaly told Reuters.
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