Sipchem completes first phase of treasury share buyback at SAR 46.5 mln

Logo of Sahara International Petrochemical Co.

Sahara International Petrochemical Co. (Sipchem) finalized the first phase of its treasury share buyback plan from April 19-June 16, 2022, in line with the Capital Market Authority’s (CMA) executive regulations.

The company repurchased 937,060 shares at an average price of SAR 49.20 each, totaling SAR 46.5 million, according to a bourse statement.

Accordingly, the petrochemical producer retained 7.11 million treasury shares to date, at an average price of SAR 20.59 each.

The repurchase process is unlikely to have a significant financial impact on Sipchem’s financial results, the statement noted.

Last April, shareholders green lighted the board’s recommendation to buy back a maximum of 66.35 million shares, Argaam reported.