Pecker is a key witness in the case against the former US president, who is accused of falsifying business records to cover up hush-money payment
According to information made available to Khaleej Times here yesterday, the financing package is diverse and includes local, regional, international, Islamic and export credit agency debt. Saudi Kayan was advised by Arab Banking Corporation, BNP Paribas and Samba. The initial Mandated Lead Arrangers are ABN Amro Bank N.V., Arab Banking Corporation, BNP Paribas, HSBC Bank plc and Samba Financial Group. The export credit agencies are ECGD, KEIC, K-EXIM and SACE. The Public Investment Fund of Saudi Arabia is also financing the project. Al Rajhi Banking and Investment Corporation is providing an Islamic working capital facility.
Mutlaq Hamad Al Morished, Saudi Kayan Chairman and Sabic vice-president, corporate finance stressed Sabic’s keenness to diversify the sources of financing for its projects and to optimise the utilisation of available funding sources, especially Islamic financing.
Sabic holds a 35 per cent of the shareholding in Saudi Kayan with a private shareholder, Al Kayan Petrochemical Company, holding a further 20 per cent. The remaining 45 per cent is held by Saudi shareholders following an initial public offering last year.
The Saudi Kayan complex, currently under construction, is expected to go on-stream in the fourth quarter of 2010 with a total annual capacity of approximately 6 MTA of a variety of petrochemical products including ethylene, propylene, polyethylene, polypropylene and ethylene glycol. It will also manufacture a series of specialised products that will be produced locally for the first time. They include aminoethanols, aminomethyls, dimethylformamide, dimethylethanol, dimethylethanolamine, ethoxylates, polycarbonate and acetone.
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