SIIG, Petrochem shareholders approve merger

Logos of National Petrochemical Co. and Saudi Industrial Investment Group

Shareholders of Saudi Industrial Investment Group (SIIG) and National Petrochemical Co. (Petrochem) approved the merger deal at the extraordinary general meetings (EGMs), held on April 10, according to separate bourse statements. 

According to 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 its statement, SIIG said the shareholders also approved the proposed amendments to the company bylaws related to the deal, provided they are in accordance with the implementation agreement.

The shareholders also agreed to authorize the board of directors, or any person authorized by it, to issue decisions or take action that may be necessary to implement any of the decisions.

Meanwhile, Petrochem shareholders approved SIIG’s offer to acquire all shares issued in Petrochem that are not owned by SIIG, in accordance with Article (26) of the Merger and Acquisition Regulations.

This will be in exchange for 1.27 shares in SIIG for each share in Petrochem pursuant to the terms and conditions of the implementation agreement.

Petrochem shareholders also authorized the current board, or any person authorized by the current board, to adopt any resolution or take any action as may be necessary to implement any of the above resolutions.

For More Mergers and Acquisitions