SIIG deposits proceeds from fractional shares sale

Saudi Industrial Investment Group (SIIG) completed the sale of the fractional shares resulting from its capital increase to acquire National Petrochemical Co. (Petrochem), according to a bourse statement.

SIIG added that it deposited the net cash proceeds in the accounts of the eligible shareholders proportionate to their respective fractional entitlements.

The company sold 16,188 shares, at an average price of SAR 36.1 each, totaling SAR 583,371.

The company announced on April 13 that the consideration shares issued to Petrochem's entitled shareholders pursuant to the merger were listed. The merger was completed as set out in the shareholder circular issued by SIIG.