Sipchem recommends 10% shares buyback

Sahara International Petrochemical Co.’s (Sipchem) board of directors recommended to purchase 10%, or 73.33 million, of its shares, to be retained as treasury shares, the company said in a statement to Tadawul.

The share purchase will be financed from its own resources, or credit facilities, the statement added.

The company will call for an extraordinary general meeting, to obtain consent for the purchase in accordance with the rules and regulations of the Companies Law.

Currently, Sipchem holds 0.0003%, or 206,780 shares, as treasury shares.

The purchased shares will not have voting rights in the general assembly meetings, the statement noted.