Saudi Petrochemicals - NCBC

Company descriptionOverviewSahara Petrochemical Co (Sahara), established in 2004, is a holding companyengaged in producing chemical and petrochemical products through its followingsubsidiaries:• Tasnee and Sahara Olefins Company (TSOC): Sahara owns a 32.55%stake in this subsidiary and the remaining is owned by Tasnee and its affiliates(60.45%), and Saudi General Organization of Social Insurance (GOSI) (7.0%).The firm has investments in SEPC (75.0% stake) and SAAC (65.0% stake).• Saudi Acrylic Acid Company (SAAC): This is a JV between Sahara (22.0%),TSOC (65.0%) and Tasnee (13.0%). SAAC currently holds a 75.0% stake eachin SAMC and SAP Project of which both of these projects are in the planningstage.• Al Waha Petrochemical Company (Al Waha): This subsidiary is 75.0%owned by Sahara and is engaged in producing propylene and polypropylene.• Arabian Chlor Vinyl Company (ACVC): This is a 50:50 JV between Saharaand Maaden, and is currently in the planning stage.Exhibit 38: Shareholding pattern%Individuals andcorporations, 70%Governmentagencies, 10%Public, 20%Source: TadawulAbout 70% of Sahara’s capital is held by individuals and corporations (including Al-Zamil Holding Group Company, which is the largest single shareholder having a7.5% stake). Three public entities of Saudi Arabia together own a 10% stake inSahara; General Organization of Social Insurance (GOSI) with 4%, the GeneralOrganization Retirement Organization with 4%, and Majlis Al-Awqaf Al-Aala with2%. The remaining 20% is held by the public. In August 2009, Sahara increased itsshare capital to SR2,925.3mn from SR1,875mn through rights a issue by offering105.03mn shares.27 April 2010 SAHARA – INITIATING COVERAGE33