Sipchem shareholders approve 66.4 mln share buyback, authorize board to distribute 2022 interim dividends

Sahara International Petrochemical Co.’s headquarters

Shareholders of Sahara International Petrochemical Co. (Sipchem) approved the board’s recommendation to buy back a maximum of 66.35 million shares, during the extraordinary general meeting (EGM) held on April 18.

The repurchased shares will be retained as treasury shares, as the board of directors deems that the stock market price is less than fair value, the company said in a statement to Tadawul.

The purchase will be financed from the company’s own resources, and the board will be authorized to complete the purchase in one or several stages within a period of 12 months from the date of the EGM approval.

The repurchased shares will be retained as treasury shares for a maximum period of five years from the EGM approval date, after which the company will follow the procedures and controls stipulated in the relevant laws and regulations.

Meanwhile, shareholders authorized the board to distribute interim dividends on a quarterly or semi-annual basis for 2022.

Shareholders also approved a board recommendation to appoint Ahmed Saad Al-Siyari (independent member) on the board of directors starting from July 11, 2021, until the end date of the current session on Dec. 9, 2022, to replace Bander bin Ali Masoudi, the resigned member, representing the General Organization for Social Insurance (GOSI).