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Saudi Arabia's SIIG and Petrochem in Merger Talks

Source: www.gulfoilandgas.com 9/20/2020, Location: Middle East

SIIG announces the approval of the Board of Directors on 29-01-1442H corresponding to 17-09-2020 to start initial discussions with the National Petrochemical Company (Petrochem) (a related party) to study the economic feasibility of merging the two companies, noting that there is no agreement has yet been reached on the final structure of the potential deal.It should be noted that entering into this study does not necessarily mean that the deal will take place between the two parties. If the deal is agreed upon, this will be subjected to the conditions and approvals of the competent authorities, and the approval of the extraordinary general assembly of both companies.SIIG will announce any developments later.Note that SIIG owns 50% of Petrochem.

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