1999 News Story

New Petrochemical Company Open to Shareholders

Minister of Commerce Osama Faqih has announced the establishment of a national stock company in the petrochemical industry sector, to produce polypropylene and its derivatives. The capital of the Jeddah-based company will amount to SR 228 million (U.S. $ 60.8 million), divided into 4,560,000 shares, with each share valued at SR 50 (about U.S. $ 13.3). Founding shareholders of the company have so far paid up SR 57 million (U.S. $ 17.9 million), or 25 percent of the capital. Its establishment comes within the framework of the government's policy of diversifying sources of income, enabling the private sector to play an effective role in economic development, and attracting foreign capital and advanced technology.