Zamil to delay IPO plans until after 2009
by This email address is being protected from spam bots, you need Javascript enabled to view it on Tuesday, 21 October 2008
Saudi industrial giant Zamil Group will delay plans to IPO some of its units until after 2009.
“We are still working on it,” said Zamil Saudi chairman Abdulrahman al-Zamil adding that the group’s ship-building unit had already been transferred from a limited liability to a stockholding company which would usually precede a share sale.
Al Zamil confirmed that the company still intended to sell shares to the public in its downstream units but only when market conditions improved, “after 2009”, he said.
Zamil Group owns stakes in more than 60 companies in 55 countries It is also the parent company of Zamil Steel, Sahara Petrochemical Company and Sipchem. Its customers include Ericsson AB, Fluor Corp. and Mitsubishi Heavy Industries Ltd.
Zamil is developing a petrochemicals venture with US chemical maker Huntsman. The venture, known as Arabian Amines Co., is raising $195 million of Islamic loans from Saudi Hollandi Bank to develop the facility in Jubail.
READERS' COMMENTS
MORE FROM ARABIANBUSINESS.COM
TOP IN MIDDLE EAST CONSTRUCTION & INDUSTRY
TOP MIDDLE EAST BUSINESS STORIES
ALSO IN MIDDLE EAST CONSTRUCTION & INDUSTRY
LATEST MIDDLE EAST BUSINESS NEWS
- Banking & Finance: Dubai's Abraaj eyes property investments
- Banking & Finance: Emirates NBD launches bank’s new brand identity
- Transportation: Abu Dhabi Int’l Airport records 7% growth in Oct
- Retail: RTA to lease out last batch of retail outlets available on Red Line
- Transportation: Qatar to sign $25bn mega railway deal on Sunday - report
SHARE PRICE CHECK
RELATED STORIES
Zamil Group
- Dream merchants
15 Mar '09 | Features - Generation game
15 May '08 | Features




