SaudiBasic Industries Corp., or Sabic, the Middle East's largest
listed company, isn't considering issuing any Islamic bonds, or sukuk, this
year but is mulling other funding options, the petrochemical giant's top
executive said Thursday.
Mohammed Al Mady, Sabic's chief executive officer and vice
chairman, said on the sidelines of the Arabic Economic Forum in Beirut that the
company has the capability to finance its operations through means other than
sukuk and conventional bonds such as commercial banks or its own equity.
Al Mady said the company is "always watching" for the right
opportunity to make acquisitions in its line of business. Sabic doesn't have a
hedging policy against foreign exchange moves as it is a global and diversified
company dealing in euros and U.S. dollars, he added.
The company's shares closed up
0.23% at 107.25 Saudi riyals ($28.6) on the Riyadh
bourse Wednesday, the last day of the Saudi trading week.
Several large-scale plants at Sabic's unit Saudi
Kayan Petrochemical Co. (2350.SA), which operates one of the largest
petrochemical complexes in the world, have already come on stream, with smaller
units yet to start up, Al Mady said.