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18-May-2016

Sipchem concludes maintenance operations at its plants, expects financial impact of SAR22.5mn

Saudi International Petrochemical Company (Sipchem) [2310.SE] announced that it has completed the scheduled maintenance activities for its i) carbon monoxide plant (owned by International Gases Company- IGC); ii) its acetic acid plant (owned by International Acetate Company – IAC); and iii) its ethyle acetate Plant (owned by Sipchem Chemical Company – SCC). According to the announcement, all plants resumed operations as of 17 May after completing repairs and general maintenance. Sipchem revealed that the financial impact of the shutdown is estimated at SAR22.5mn and will be reflected on 2Q16 financial results. (Tadawul)   SIPCHEM: SAR14.99 as of 17 May 2016, Rating: Neutral, FV: SAR14.00 per share, MCap: USD1,466 million, SIPCHEM AB / 2310.SE

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