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Sipchem Changes Its Company Name

Source: www.gulfoilandgas.com 5/21/2019, Location: Middle East

The Saudi International Petrochemical Company, a listed joint stock company registered under commercial registration number 1010156910 dated 14/09/1420H, located at Mashareq Tower, Cairo Square, Alma’ther District, P.O. Box 355776, Riyadh 11383, Saudi Arabia, with a fully paid up capital of SAR 7,333,333,320 (“Sipchem”), announces changing its name to Sahara International Petrochemical Company (Sipchem) and the completion of the business combination of equals between Sipchem and Sahara Petrochemicals Company (a Saudi joint stock company registered in the commercial register under number 1010199710 dated 19/05/1425H (corresponding to 07/07/2004G) with a registered capital of 4,387,950,000 Saudi Riyals) (“Sahara”) by which Sipchem increased its capital to acquire all of the shares of the Sahara shareholders in exchange for the issue of 366,666,666 new Sipchem shares (the “New Sipchem Shares”) by way of securities exchange offer (the “Transaction”) in accordance with the results of its Extraordinary General Assembly (first meeting) held on Thursday 11/09/1440H (corresponding to 16/05/2019G) and the results of Sahara’s Extraordinary General Assembly (first meeting) also held on Thursday 11/09/1440H (corresponding to 16/05/2019G);

Sipchem has received the required approvals from
(i) the Capital Market Authority and the Saudi Stock Exchange (“Tadawul”);
(ii) the General Authority for Competition and all other relevant regulatory authorities; and
(iii) the Extraordinary General Assemblies of both Sipchem and Sahara, which are referenced in above paragraph, and all other conditions to the Transaction having been satisfied in accordance with the terms of the Implementation Agreement entered into between Sipchem and Sahara on 28/3/1440H (corresponding to 6/12/2018G) as amended on 27/7/1440H (corresponding to 3/4/2019G);

According to the above, the Sahara shares have been de-listed from Tadawul and the New Sipchem Shares have been listed on Tadawul on 16/09/1440H (corresponding to 21/05/2019G), which resulted in Sahara becoming a wholly-owned subsidiary of Sipchem.

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