Saudi International Petrochemical Co. (Sipchem) and Sahara Petrochemical Co. have filed a request to the Saudi General Authority for Competition (GAC) to approve the economic concentration arising from the planned merger of both entities.
Sipchem will fully acquire Sahara via share swap; a total of 366.67 million new Sipchem shares will be issued for Sahara shareholders at an exchange ratio of about 0.84 new Sipchem shares for each share of Sahara, GAC said in a statement.
The authority called on the related parties to submit their opinions on completing the economic concentration process within 15 days, the statement added.
On October 3, Sipchem and Sahara signed a non-binding memorandum of understanding (MoU) to carry out a merger, whereby Sipchem will fully acquire Sahara via share swap, Argaam previously reported.
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