News 2007

April 2007

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Starting on 28 April with Samba, the IPO Manager Al-Morished Anticipates a Record Number of Subscribers and Al Eisa ascertained Samba's Readiness to Manage the largest ever IPO in the Region

Mr. Mutlaq H. Al-Morished, Chairman of Saudi Kayan Petrochemical Company, anticipated that Saudi Kayan IPO will generate unprecedented level of subscription in the Kingdom's IPO history due to high demand in the market for petrochemical companies, which constitute highly attractive investment opportunities. He expressed his confidence in Samba to manage this IPO in comparable efficiency of managing other previous huge IPO's, specially Yensab, indicating that petrochemical sector has become a vital industry that witnesses accelerating growth not only on the local level, but on the global level as well.

"Saudi Kayan IPO is in the real fact a principal turning point in the Saudi Petrochemicals industry as it will support the production capacity and competitive edge of this industry in the Kingdom. Further, Saudi Kayan will contribute to elevating the Kingdom's stake in the global petrochemical production and introducing value added innovative products that will reflect on the Saudi industrial edge" Al-Morished was quoted as saying.

The actual steps to launch Saudi Kayan Petrochemical Complex has started already", Al-Morished said, and added "SABIC as a majority owner of the Project is a major pillar and Guarantor of the production quality and efficiency, in addition to its marketing ability which will be utilized to market the New Company's products in the international markets.

Mr. Eisa Al Eisa, Managing Director and Chief Executive Officer of Samba Financial Group, the IPO Manager of Saudi Kayan, said that Samba has finalized all preparations to handle the IPO with supreme efficiency. "Kayan IPO constitutes a real challenge to Samba's competence to manage the wide-scale IPO's. We intend to make this experience another distinguished achievement to be added to Samba's established track record in such activities" Al Eisa says.

"We are so proud for being selected to manage Saudi Kayan IPO which will add to our previous successes in this field such as managing Yensab.

Our collaboration and fruitful relations with SABIC is a viable example for long term strategic partnership" Al Eisa said, and added "we will spare no effort to finalize the IPO process conveniently and flexibly along with other banks, and create a proper environment to the prospective subscribers in the new Company, which we expect to add stamina to the local market and provide for reviving its previous activity, as the bull market is in need of agitation from such a gigantic economical entity, which constitutes a pillar for the national economy".

Al Eisa anticipated that Saudi Kayan IPO will form a turning point in Saudi Arabian Market due the huge number of shares involved and for being the largest ever IPO process in local and regional markets. He indicated that the great confidence in the mother company, SABIC, and the prosperous prospects of the petrochemical industry will fuel the public subscriptions to reach unprecedented levels in the Kingdom's history.