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Sahara International Petrochemical Co. (SIPCHEM) Announces its plan to mothball its Gulf Advanced Cable Insulation Company (GACI) Plant. (an affiliate of Sipchem)

SIPCHEM 2310 0.93% 32.55 0.30
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Announcement Detail Sahara International Petrochemical Co. (Sipchem) announces its plan to mothball the Gulf Advanced Cable Insulation Company (GACI) Plant (an affiliate of Sipchem) in Al-Jubail Industrial City

This is in line with Sipchem's strategy of improving profitability, efficiency of operations, ensuring best levels of liquidity, stability and maintaining the integrity of its financial structure. It is expected that the mothballing of GACI plant will positively impact the company's results in the future.

Steps to give effect to this decision are underway. Mothballing of GACI Plant will be started on July 1, 2021 until further notice.

The financial impact will be reflected starting Q3 2021 financials.

Sipchem will make further announcement in relation to progress as appropriate.

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