Riyadh-Mubasher: The Saudi International Petrochemical Co. (Sipchem) said its board of directors on Sunday gave the go-ahead for issuing sukuk, according to a bourse statement posted Monday.
The board also approved appointing Riyad Capital and NCB Capital as lead managers for the issue.
Salman Al-Sudairy Law Office in association with Latham & Watkins will act as lead managers, while Khoshaim & Associates in cooperation with Allen & Overy will act as legal advisors for Sipchem.
"The company is constantly seeking to diversify its funding sources and explore opportunities to secure debt instruments to fund its activities and projects while supporting the best interests of the company and shareholders," said CEO Ahmad Al-Ohali.
