Sipchem buys back 2.5 mln shares worth SAR 39 mln

Sahara International Petrochemical Co. (Sipchem) completed, on Sept. 30, the first phase of purchasing its own shares, to hold them as treasury shares, the firm said in a statement to Tadawul.

A total of approximately 2.5 million shares were bought back in the first phase, valued at SAR 39.02 million with an average purchase price of SAR 15.6 per share, the statement said.

Following the purchase, Sipchem now holds 2.5 million shares as treasury shares.

The share buy-back is not expected to have any financial impact on Sipchem’s financial results.

The number of shares purchased during the first phase does not include the 1.05 million employees’ incentive program shares, it said.

Sipchem’s shareholders approved, on April 29, buying back 10%, or 73.33 million shares, to be retained as treasury shares, according to data compiled by Argaam.