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Saudi Steel Pipe buys a stake in Chemical Development
On August 17, 2011, Saudi Steel Pipe Company (SSP) acquired 20 percent stake in Chemical Development Co. to produce polysilicon, which is used in the electronics industry and manufacturing the optical cells used in generating electricity from solar power.
Deal Value | Method of Finance | Type | Status |
16.25 Million USD currencyResource Million_USD marketID 3 currencyId 3 | - | Stake | Completed |
The Acquiring Party
Saudi Steel Pipe Co. - SSP | |
Country | Saudi Arabia |
Status | Listed |
Argaam Sector | Pipes & Pumps |
*Market Cap (Million SAR) | 4,013.70 |
*Price/Share (SAR) | 78.70 |
The Acquired Party
Chemical Development Co. - CDC | |
Country | Saudi Arabia |
Status | Unlisted |
Argaam Sector | Chemicals |
*Market Cap (Million SAR) | - |
*Price/Share (SAR) | - |
- *Based on the latest data available
Important Dates
Announced Date | 17-08-2011 |
Expected date for Completion | - |
Main Details
Chemical Development Co. is a Saudi closed joint stock company with a capital of SAR 300 mln. The company develops industrial projects and its main project is the polysilicon plant located at Jubail Industrial City II. The plant is a joint project with KCC Engineering and Contracting Co.
On December 1, 2014, the plant's commercial operation was marked for 2016. But a decline in polysilicon prices and a postponement of the Saudi government's renewable energy program – delayed the launch.
Note
* Saudi Steel Pipe Co. (SSP) wrote off its investment into the project from its financial statements in 2016 and 2017.
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