2004 News Story

SABIC announces plans for corporate bond issue

Saudi Basic Industries Corporation (SABIC) has announced plans to issue the Kingdom’s first major domestic corporate bond next year to help finance its global expansion. Speaking at a petrochemicals conference in Dubai yesterday, SABIC Vice President Homood Al-Tuwaijiri said the bond will most likely be worth around one billion Saudi riyals [U.S. 267 million]. There is, he declared, “considerable appetite” in the domestic market for SABIC assets. SABIC is also investigating the acquisition of a credit rating in order to have the option of borrowing on international markets.