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Saturday, 7 July 2007

Saudi Basic Industries Corp. (Sabic) to raise $5b through sukuk


Saudi Basic Industries Corp. (Sabic), the world's largest chemical firm by market value, is planning to raise approximately $5 billion through a program of Islamic bonds (sukuk), Gulf News reported. According to informed sources, the company seeks to borrow the money in order to finance its ambitious expansion plans, amid fierce competition with other chemical firms in the Middle East and internationally. Sabic bought General Electric Co's plastics business in May for $11.6 billion and said it would borrow around 75 percent of the cost. The largest single sukuk sale raised $3.52 billion for Nakheel Group in December. -(Gulf News)

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