Sipchem approves capital hike to acquire Sahara

Shareholders of Saudi International Petrochemical Co. (Sipchem) have approved raising the company’s capital to SAR 7.333 billion from SAR 3.667 billion.

Sipchem will issue 366.7 million new ordinary shares at a nominal value of SAR 10 each in a bid to acquire 100 percent of Sahara Petrochemical Co.’s shares amounting to 438.8
million.

The number of Sipchem shares after the capital hike will increase from 366.7 million shares to 733.3 million shares.

The new shares will be deposited in Sahara shareholders' portfolios between the third and the sixth trading day following the extraordinary general assembly meetings of both companies.