The local Advanced Polypropylene Company (APPC) is planning to stage an initial public offering (IPO) of 38 per cent of its shares after Ramadan. The company is finalising its prospectus and Gulf International Bank is advising on the SR 1,400 million ($373 million) offering. APPC is the project company for a 450,000-tonne-a-year integrated propane dehydrogenation (PDH)/polypropylene (PP) facility under construction at Jubail (MEED 3:3:06).
The IPO plan conforms to the government requirement that a petrochemicals project receiving feedstock from Saudi Aramco must sell half of its local and GCC shareholding to the public.The shareholders in the company are National Polypropylene Company (NPPC), Dar Chemicals, Abdul Rahman Saad al-Rashid & Sons and Khalid al-Raji, all local, Vinmar Group and ABB Lummus Global, both of the US, Belgiums Domo Group and the Islamic Development Bank Infrastructure Fund.
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