MOSCOW (MRC) -- Saudi International Petrochemical Co (Sipchem) has paid 375.3 mln riyals (USD100.1 mln) to raise its stake in two subsidiaries, as per Reuters.
The firm will buy stakes owned by Kuwait's Ikarus Petroleum Industries in International Acetyl Company and International Vinyl Acetate Company after receiving regulatory approval, Sipchem said in a bourse statement. Sipchem, which already owns 76% of both subsidiaries, said the deals would raise its holdings in each to 87%. The financial impact of the purchases will be shown in the first quarter of 2016, it said in the statement.
Sipchem, which already owns 76 percent of both subsidiaries, said the deals would raise its holdings in each to 87 percent.
The financial impact of the purchases will be shown in the first quarter of 2016, it said in the statement.
As MRC informed earlier, Saudi International Petrochemical Co (Sipchem) commenced trial runs at a new ethylene vinyl acetate (EVA)/low density polyethylene (LDPE) swing plant. Located in Jubail Saudi Arabia, the plant has a production capacity of 200,000 mt/year.
Established in 1999, Saudi International Petrochemical Company (Sipchem) manufactures and markets methanol, butanediol, tetrahydrofuran, acetic acid, acetic anhydride, vinyl acetate monomer. Besides, it has launched several down-stream projects to manufacture ethylene vinyl acetate, low density polyethylene, ethyl acetate, butyl acetate, cross linkable polyethylene, and semi conductive compound that are scheduled to start in 2013.