Sadara Chemical Co. (Sadara) is set to hold an initial public offering next year without a premium, the Saudi-owned Al-Hayat daily reported citing unnamed sources.

 

In 2011, Saudi Aramco chairman Khalid Al-Falih said he expected the offering to take place in 2016 with 30 percent of Aramco's holding in Sadara to be floated, according to reports published by Argaam. 

 

The $20 billion Sadara is 65 percent-owned by the state-owned oil giant, and 35 percent-owned by the United States' petrochemical major Dow Chemical.

 

Located in Jubail Industrial City, Sadara is deemed the world’s largest chemicals complex built in a single phase with 26 integrated manufacturing plants.

 

The project is now 94 percent complete, while production is set to launch in the second half of this year, a recent Argaam report revealed.

 

IPOs

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