A Petrochem manufacturing plant
National Petrochemical Co. (Petrochem) announced that a trading halt was placed on its shares as of today, April 11, in line with the terms and conditions pertaining to the merger deal with Saudi Industrial Investment Group (SIIG), according to a bourse filing.
Petrochem shares will be delisted from the Saudi Exchange (Tadawul) and will be wholly owned by SIIG.
SIIG will increase capital to SAR 7.55 billion to acquire the entire 240 million shares, or 50% of Petrochem not owned by SIIG. In addition, SIIG will issue 304.8 million ordinary shares at SAR 10 par value each for each existing share in Petrochem, registered with the Securities Depository Center (Edaa) on April 12, 2022.
Petrochem indicated that shareholders need not vote on the board membership nominees for the coming term, as SIIG will be naming a new board of directors. In addition, Edaa will announce the implementation of a securities quantity increase in two to six business days from the general meeting approval.
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