Sipchem shareholders OK buyback of 65.12 mln treasury shares

One of Sahara International Petrochemical Co.’s (Sipchem) plants

Sahara International Petrochemical Co.’s (Sipchem) shareholders approved repurchasing 65.12 million shares maximum to retain as treasury shares during the extraordinary general meeting (EGM) held on May 10, the company said in a statement to Tadawul.

The board of directors considers the stock price in the market to be less than its fair value.

The repurchase will be financed from the company’s own resources. The board of directors will also be authorized to complete the repurchase within a maximum period of 12 months from the EGM date.

The company will retain the repurchased shares for a maximum of five years from the EGM approval date.

After this period, the company will follow the procedures and controls stipulated in the relevant laws and regulations.

Shareholders also authorized the board of directors to distribute interim dividends quarterly or semi-annually for 2023.