Sabic has entered into agreement with BNP Paribas, Arab Banking Corporation (ABC) and Samba as financial advisors and lead arrangers for a loan of around $4.8 billion for Saudi Kayan.

The Saudi Kayan Company, a Sabic affiliate and currently under formation, plans to construct a world-class giant petrochemical complex in Al Jubail, Saudi Arabia, with an annual capacity exceeding four million metric tonnes of chemical products, some of which will be manufactured for the first time in Saudi Arabia.
Sabic also signed an agreement with Samba Financial Group appointing it as financial advisor and IPO manager for the Saudi Kayan Petrochemical Company’s public subscription.
The new company will offer 45 per cent of its capital for public subscription, after obtaining necessary approvals.
Vice-Chairman and CEO Mohamed Al-Mady said the new company’s capital amounted to SR12 billion.
Sabic owns 35 per cent of this capital while Kayan Petrochemicals Company owns 20 per cent. The remaining 45 per cent shall be offered for public subscription following the approval of the competent authorities.
“The offering of this percentage is consistent with the wise policy pursued by the Saudi government to pave the way for citizens to invest in industrial projects with long-term economic viability, especially since it comes after unprecedented demand experienced by the underwriting of Sabic’s Yansab affiliate,” Al Mady said.
Mady expressed great optimism on the future of the new company, especially as it will add new specialised products into the Saudi marketplace that will produced in Saudi Arabia for the first time. Such products include: aminoethanols, aminomethyls, dimethylformamide, choline chloride, dimethylethanol, dimethylethanolamine, ethoxylates, phenol, cumene and polycarbonate.
This is in addition to ethylene, propylene, polypropylene, ethylene glycol, butene-1 and others, all of which contribute to the enrichment of the Saudi petrochemical industries, strengthening Sabic’s global competitiveness, and constitute a basis for the development of national downstream industries.
Issa Ibn Mohammed Al Issa, Samba managing director and CEO, expressed his thanks to Sabic for its confidence in Samba by appointing it as financial adviser to the underwriting of Saudi Kayan which represents the culmination of a pioneering role in the management of many successful underwritings of other important clients in the Kingdom. 
He emphasised that Samba is harnessing its potential for this promising company, which is expected to contribute to supporting the national economy.