Tadawul delists Petrochem upon merger with SIIG

Logo of National Petrochemical Co. (Petrochem)

The Saudi Exchange (Tadawul) announced that shares of the National Petrochemical Co. (Petrochem) were delisted by the close of trading on April 12.

The Securities Depository Center (Edaa) will announce the implementation of a securities quantity increase on shares of Saudi Industrial Investment Group (SIIG) after the acquisition of Petrochem via a share swap, on April 13.

Shareholders of SIIG and Petrochem approved the merger deal at the extraordinary general meetings (EGMs), held on April 10, Argaam reported.

SIIG will increase capital to SAR 7.55 billion to acquire the entire 240 million shares, or 50% of Petrochem not owned by SIIG.

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