Tadawul suspends trading on SIIG, Petrochem ahead of event disclosure

Tadawul trading screen

The Saudi Exchange (Tadawul) suspended trading on the shares of Saudi Industrial Investment Group (SIIG) and National Petrochemical Co. (Petrochem) upon the companies’ requests for one session only starting from today, Sept. 27. 

The suspension follows the listing rules and comes upon the request of the companies as they will announce an event.

Both stocks will resume trading tomorrow, Sept. 28.

SIIG owns a 50% stake in Petrochem, according to data available with Argaam.

In September 2020, the two companies’ board of directors approved to start initial discussions to study the economic feasibility of a potential merger.

In April 2021, SIIG and Petrochem decided to commence reciprocal due diligence on the merger, negotiate the terms and conditions and share information regarding the proposed transaction following the completion of the initial economic feasibility study.