Saudi petrochemical giant SABIC aims to launch a SR2 billion ($533 million) public share offering in its planned YANSAB subsidiary by early next year, its chief financial officer said yesterday. "The target is the year-end, or early in the next year," Mutlaq Al-Morished told Reuters after SABIC announced it appointed Samba Financial Group yesterday as financial adviser for the initial public offering (IPO). SABIC will offer investors a 35 percent share in the Yanbu National Petrochemicals Company (YANSAB), which will have a paid-up capital of SR5.625 billion. It will keep a 55 percent stake and offer the remaining 10 percent to partners in two of its subsidiary companies, Ibn Rushd and Taif. Only Saudi investors are eligible to subscribe to IPOs in the Kingdom of Saudi Arabia. --MORE 1026 Local Time 0726 GMT
