Sipchem buys back 1 mln shares for SAR 20.5 mln

Sahara International Petrochemical Co. (Sipchem) completed the buyback of one million shares for SAR 20.48 million, or SAR 20.48 per share, during January 1 – March 31, 2021, the company said in a bourse filing.

The repurchase process came in line with the Capital Market Authority’s (CMA) regulations and the approval of the extraordinary general meeting (EGM), held on April 29, 2020.

The repurchase period extends for one year from the EGM.

Accordingly, Sipchem currently holds 6.17 million treasury shares at an average purchase price per share of SAR 16.18.

The share repurchase is not expected to have any material financial impact on Sipchem’s financial results.

The number of purchased shares during this third phase doesn’t include the employees’ incentive program shares, equal to 814,25 shares.

Sipchem completed, on Sept. 30, the first phase of purchasing its own shares, to hold them as treasury shares, Argaam reported.

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