Riyadh – Mubasher: Saudi Arabia's Capital Market Authority (CMA) approved the Saudi International Petrochemical Co’s (Sipchem) request for raising its capital to SAR 7.333 billion from SAR 3.667 billion.

Sipchem will carry out the capital raise by issuing 366.7 million shares in a bid to acquire Sahara Petrochemical Co through securities exchange, CMA said in a statement on Monday.

If Sipchem’s shareholders approve the capital raise and Sahara Petrochemical Company’s shareholders accepted the offer, “the new shares will be issued to Sahara Petrochemical Company shareholders who are registered in the shareholders registry at the Securities Depository Center Company and the shares of Sahara Petrochemical Company will be delisted from the Saudi Stock Exchange,” the statement added.