Sipchem submits auditor’s report to meet requirements for 10% shares repurchase

Sahara International Petrochemical Co.’s (Sipchem) board of directors announced submitting an auditor report to comply with the conditions of financial appropriateness regarding the repurchase of 10%, or 73.33 million, of its shares, according to a bourse statement today, April 4, 2021.

The step came to meet requirements provided in Article 12 (3) of the regulatory rules and procedures issued pursuant to the Companies Law relating to listed companies, the statement added.

On March 31, 2021, the company’s board of directors recommended extending the repurchase of 10%, or 73.33 million, of its shares, according to data compiled by Argaam.

The board also recommended adding the sell option to provide the company with more liquidity when necessary.