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Sipchem acquires stakes from Kuwait’s Ikarus
On February 8, 2016, Saudi International Petrochemical Co. (Sipchem) acquired Ikarus Petroleum Industries Co.’s stakes in the International Acetyl Co. (11 percent) and International Vinyl Acetate Co. (11 percent). Both companies were owned by Sipchem
Deal Value | Method of Finance | Type | Status |
100.00 Million USD currencyResource Million_USD marketID 3 currencyId 3 | Internal Resources , Capital Increase | Acquisition | Completed |
The Acquiring Party
Sahara International Petrochemical Co. - SIPCHEM | |
Country | Saudi Arabia |
Status | Listed |
Argaam Sector | Petrochemicals |
*Market Cap (Million SAR) | 24,676.55 |
*Price/Share (SAR) | 33.65 |
The Acquired Party
International Acetyl Company - IAC | |
Country | Saudi Arabia |
Status | Unlisted |
Argaam Sector | - |
*Market Cap (Million SAR) | - |
*Price/Share (SAR) | - |
International Vinyl Acetate Company - IVC | |
Country | Saudi Arabia |
Status | Unlisted |
Argaam Sector | - |
*Market Cap (Million SAR) | - |
*Price/Share (SAR) | - |
- *Based on the latest data available
Consultants
Deal Advisor | GIB Capital |
Legal Advisor | Clifford Chance , Vinson & Elkins |
Important Dates
Announced Date | 24-06-2015 |
Expected date for Completion | 08-02-2016 |
Main Details
Sipchem owned 76 percent stake in each company. The deal set Sipchem’s ownership at 87 percent in each company. Sipchem assessed that the deal would impact the stakes held by other shareholders; Germany’s Helm AG (10 percent) and Saudi Awqaf Authority (3 percent).
Note
Ikarus Petroleum Industries Co. sought to restructure its overseas investments, eliminate risks, and cut financial liabilities and leverage.
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