RIYADH, 18 May 2008 — Saudi International Petrochemical Company (Sipchem) announced yesterday that its Acetyls Complex Companies has signed definitive project re-financing agreements for SR2.78 billion with the SABB as the Initial Mandated Lead Arranger. The re-financing agreements cover the entire amount of commercial financing requirements, whilst additional financing sources include the Public Investment Fund (ìPIFî) and Saudi Industrial Development Fund (SIDF). HSBC acted as Financial Advisor for the re-financing facility. "We are delighted to have signed this financing deal with The SABB which demonstrates the conviction all parties have in the future success of the Acetyls Companies on the world marketplace", Abdullah Al-Saadoon, president of the Acetyl Companies said, adding that the company will work closely with HSBC and The SABB to bring in other core Sipchem banks to this important financing.
Food Expo Opens Today in Jeddah
JEDDAH, 18 May 2008 — Saudi Arabia's 13th international showcase for the food, hotel and packaging industry opens at the Jeddah International Exhibition & Convention Center from at 5 pm today. This is being held with the support of the Ministry of Agriculture. Its other supporters include the Organization of the Islamic Conference's Islamic Center for Development of Trade. The exhibition, organized by Al-Harithy Company for Exhibitions (ACE), will be open to trade and professional visitors daily from 5 pm to 10 pm till May 22, with TopChef Arabia and Art de Table contests.
Deal Signed for New Glass Fiber Plant
BAHRAIN, 18 May 2008 — Bahrain will have a new plant that will produce 200,000-ton glass fiber per year. This follows a deal signed between Saleh & Abdulaziz Abahsain Company and Chongqing Polycomb International Corporation (CPIC), a Chinese firm that is a leader in glass industry. "Our partnership with CPIC is a huge leap for us because it will enable us to satisfy the increasing consumer need for glass fiber in the Middle East that is caused by the ongoing construction boom," S.K. Maqsood, director of S & A Abahsain, said. "We are sure that this collaboration will help the company fulfill its goals and grow at a faster pace."
