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SIPCHEM to raise up to SR 2 bln from a Sukuk to fund plant expansions

Posted on 22 June 2011

Saudi International Petrochemical Co (Sipchem) expects to raise up to 2 bln riyals (US$533.3 mln) from a planned Islamic bond offering to fund plant expansions, as per Reuters. Deutsche Securities, the securities arm of Deutsche Bank, and Riyad Capital were appointed as joint lead managers for the sukuk.
Under a Mudaraba sukuk, a bank provides capital for a project while an entrepreneur manages the deal. The profits are split according to a pre-determined ratio and the bank bears any monetary losses that arise……………………………………….Full Article: Source

 
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