Sipchem general assembly approves buying back 73.33 mln shares

Sahara International Petrochemical Co.’s (Sipchem) shareholders approved, during the extraordinary general assembly held on April 29, buying back 10%, or 73.33 million shares, to be retained as treasury shares.

The company said in a bourse statement that the market share price is less than its fair value and the share repurchase will be financed using the company’s cash balances or credit facilities.

Shareholders also authorized the board to buy back the shares within 12 months of the EGM date.

The shares will be retained for up to 5 years, and then they will be at the company's disposal in line with the applied regulations.

The shareholders also authorized the board of directors to distribute interim dividends on quarterly or semi-annual basis.