Established in 1999, Sipchem is one of the largest petrochemical companies in Saudi Arabia and was listed on the Saudi stock market in 2006. The Mudaraba Sukuk is registered form in denominations of SR100,000, subject to a minimum initial subscription amount of SR1,000,000.
The deal involved an innovative Mudaraba Sukuk structure that centers around the intangible rights that sit between a holding company and its subsidiaries. "This SIPCHEM Sukuk structure further reflects the increasing sophistication of the available products in the Saudi Arabian market. This product is a great addition to the tool kit available to corporate treasurers in the market" commented Dipti Thakar of Latham & Watkins.
The transaction team was led from the firm's Riyadh and Dubai offices by Riyadh Office Managing Partner, Mohammed Al-Sheikh, partner Craig Nethercott, counsel Dipti Thakar and associate Harj Rai.
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Latham and Watkins advises on innovative Sipchem Mudaraba Sukuk
- Saudi Arabia: Thursday, July 07 - 2011 at 15:10
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Latham & Watkins advised Deutsche Securities Saudi Arabia LLC and Riyad Capital as Joint Lead Managers and Joint Bookrunners in the issuance of a SR1,800,000,000 Mudaraba Sukuk by Saudi International Petrochemical Company's 'Sipchem'.
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Posted by Rima Ali Al MashniThursday, July 07 - 2011 at 15:10 UAE local time (GMT+4)
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