Saudi International Petrochemical Co. (Sipchem) on Tuesday said it has signed an agreement to acquire National Power Company's 25 percent stake in International Gases Company (IGC), an affiliate of Sipchem. 

 

The companies are currently working to complete the formalities of the deal within the "next few weeks", subject to obtaining of all the requisite approvals, Sipchem said in a statement to Tadawul.

 

Zamil Group Holding Company is a related party to the transaction since it is a shareholder in both Sipchem and NPC, the statement said.

 

Currently, Sipchem owns a 72 percent stake in IGC.

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