SIIG says consideration shares listed, merger with Petrochem completed

L0go of Saudi Industrial Investment Group (SIIG)

Saudi Industrial Investment Group (SIIG) announced that the consideration shares issued to National Petrochemical Co.’s (Petrochem) entitled shareholders pursuant to the merger were listed, according to a bourse filing. The merger was completed as set out in the shareholder circular issued by SIIG.

SIIG asserted that it will announce later the deposit of proceeds from selling fractional shares into the accounts of eligible shareholders. According to data compiled by Argaam, the Saudi Exchange (Tadawul) delisted Petrochem’s shares at the close of trading on April 12.

On April 10, shareholders of SIIG and Petrochem approved the merger deal at the extraordinary general meetings (EGMs).

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.

The Securities Depository Center (Edaa) announced the implementation of a securities quantity increase on shares of SIIG after the acquisition of Petrochem via a share swap, today, April 13.

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