Sipchem shareholders to vote on interim dividends, share buyback on May 10

Logo of Sahara International Petrochemical Co.

Sahara International Petrochemical Co.'s (Sipchem) shareholders will discuss authorizing the board to distribute cash dividend on a quarterly and semi-annual basis for 2023, during the extraordinary general meeting (EGM) scheduled on May 10, according to a Tadawul statement.

Meanwhile, shareholders will vote on the repurchase of 65.12 million shares to retain them as treasury shares, as the board of directors considers the stock price in the market is 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.