Logos of National Petrochemical Co. and Saudi Industrial Investment Group

Shareholders of Saudi Industrial Investment Group (SIIG) and National Petrochemical Co. (Petrochem) are set to vote on the merger deal at the extraordinary general meetings (EGMs), scheduled for today, April 10.  

 

In case shareholders of both firms approve the deal, SIIG will increase capital to SAR 7.55 billion to acquire the entire 240 million shares, or 50% of Petrochem not owned by SIIG. 

   

In addition, 1.27 shares will be issued in SIIG for each existing share in Petrochem, in accordance with the terms and conditions of the agreement concluded between the two parties.

 

In October 2021, SIIG signed a binding merger agreement with Petrochem to acquire all the issued shares in Petrochem not owned by SIIG, through a securities exchange offer, according to data compiled by Argaam.

 

Key Details of Merger Deal

Merger method

SIIG will acquire all the issued shares in Petrochem that are not owned by SIIG through a securities exchange offer.

Acquisition value

SIIG will issue 304.8 million ordinary shares at a nominal value of SAR 10 per share to the shareholders of Petrochem, by raising SIIG's capital to SAR 7.55 billion from SAR 4.5 billion.

Nominal value

SAR 10 per share

Swap ratio

1.27 shares in SIIG will be issued for every original share in Petrochem.

New entity’s capital

SAR 7.548 billion

 

For More Mergers and Acquisitions

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SIIG, Petrochem shareholders to vote on merger on April 10

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