Zamil to delay IPO plans until after 2009

IPO DELAY: Chairman Abdulrahman al-Zamil says shares offer will take place once markets calm down. (ITP Images)

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.

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