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Sahara Petrochemical’s shareholders approve merger with Sipchem

Sahara Petrochemical’s shareholders approve merger with Sipchem
Sipchem will acquire the entire issued share capital of Sahara shares
SIPCHEM
2310
0.93% 32.55 0.30
Sahara
2260
1.16% 17.46 0.20

Riyadh – Mubasher: Sahara Petrochemical Company’s shareholders approved the planned merger with the Saudi International Petrochemical Company (Sipchem) during an extraordinary general assembly (EGM) meeting held on Thursday, 16 May.

Under the merger deal, Sipchem will acquire the entire issued share capital of Sahara shares through the issuance of 0.8356 new Sipchem shares for every Sahara share, according to Sahara’s statement to the Saudi Stock Exchange (Tadawul) on Sunday.

Sahara has also authorised its board to adopt any resolution or take any action as may be necessary to implement the transaction.

The new Sipchem shares will be issued to Sahara’s shareholders who are registered in the shareholder's registry by the end of the second trading day following the extraordinary general assembly date.