Riyadh – Mubasher: The Saudi International Petrochemical Company’s (Sipchem) shareholders approved increasing the company’s capital to acquire all the shares of Sahara Petrochemical Company during an extraordinary general assembly (EGM) meeting held on Thursday, 16 May.

Sipchem will raise its capital to SAR 7.33 billion from SAR 3.66 billion by issuing 366.66 million ordinary shares with a nominal value of SAR 10 apiece, according to a filing to the Saudi Stock Exchange (Tadawul) on Sunday.

The new Sipchem shares will be deposited in the portfolios of the concerned Sahara shareholders between the third trading day and the sixth trading day following the EGMs of both firms.

Sipchem noted that the number of its shares after the issuance of the new stocks will increase by 100% to 733.3 million shares.