SIIG issues shareholders’ circulars on Petrochem acquisition, sets deal timeline

Logos of Saudi Industrial Investment Group and National Petrochemical Co.

Saudi Industrial Investment Group (SIIG) published today, March 17, the documents related to its potential acquisition of National Petrochemical Co. (Petrochem).

The move came after the CMA board approved on March 16 the request received from SIIG to increase its capital from SAR 4.5 billion to SAR 7.548 billion by issuing 304.8 million ordinary shares to acquire the remaining stake in Petrochem through a share swap.

SIIG document included a circular to its shareholders with respect to its capital increase to acquire the remaining stake in Petrochem through a share swap.

The circular includes the deal details, terms and conditions, the related parties, the acquisition measures and the related risks.

SIIG also issued the offer document to Petrochem’s shareholder, including all details related to the offer.

The deal timetable, which sets out the proposed dates for the key events of the acquisition, was also among the document.

Post-completion will be able to enhance the operational activities, crystallize growth potential, economize on financing and access to capital, improve equity trading and coverage exposure by equity research analysts, rationalize corporate governance arrangements and decision-making process, and, as a result safeguard and grow shareholders value, SIIG added.

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