Middle East Economic Survey
Ikarus Buys 11% Shares in Two of Sipchems Affiliates
Saudi International Petrochemical Company (Sipchem) announced on 22 June the completion of the sale of 11% of its shares in two of its affiliates (International Acetyl Company and International Vinyl Acetate Company) to Kuwaits Ikarus Petroleum Industries Company, for SR240mn ($64.0mn). Sipchem will maintain ownership of 76% of shares in both companies. Sipchem and Ikarus had...