VOL. XLII

No 44

1-November-1999

SAUDI ARABIA

Saudi Commerce Industry Approves Establishment Of Petrochemical Company

Saudi Arabia痴 Ministry of Commerce approved on 25 Octoberthe establishment of the Saudi International Petrochemical Company (SIPC). TheRiyadh-based company will be capitalized at SR500mn ($133mn), and will have10mn shares, each with a nominal value of SR50 divided amongst 73 shareholders.The company痴 shares will not, however, be traded for the first two years.Shareholders include...