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Sipchem, Sahara enter into binding deal for planned merger

2018-12-06 09:36:40 GMT (Economies.com)
Sipchem, Sahara enter into binding deal for planned merger
 

Saudi International Petrochemical Co. (Sipchem) announced it entered into a legally binding agreement with Sahara Petrochemical Co., which will govern the terms and conditions for implementing a business merger of equals.

 According to a statement to Tadawul, Sipchem will be making a recommended offer to acquire all the issued shares in Sahara in exchange for the issuance of new shares in accordance with the applicable rules and regulations of the Capital Market Authority (CMA) and Companies Regulations.

 A total of 366.67 million new Sipchem shares will be issued for Sahara shareholders at an exchange rate of about 0.84 new Sipchem shares for each share of Sahara.

Accordingly, Sipchem’s capital will increase to 733.33 million shares, after the conclusion of the deal, whereby Sahara shareholders will own 366.67 shares of the new company representing 50 percent of total capital.

Ahmed Alohali, the CEO of Sipchem, will hold the same position at the new combined group, while Saheh Bahamdan, Sahara’s current chief executive, will be the operations manager.

 
 
 
  Symbol Last Change Chg.%
1.1305
-0.0092
0.8046%
1.2570
-0.0134
1.0509%
14.594
-0.027
0.185%
51.286
-0.959
1.835%
60.22
-1.18
1.92%
1239.425
-8.615
0.690%
 
 
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