SIIG, Petrochem expect to complete merger in Q1 2022

Logos of SIIG and Petrochem

Saudi Industrial Investment Group (SIIG) and National Petrochemical Co. (Petrochem) announced that they are still working to obtain all regulatory approvals to complete their merger, in accordance with the applicable laws and regulations as well as the terms and conditions set out in the implementation agreement.

In separate statements of the two companies, the deal is expected to complete in the first quarter of 2022 rather than the fourth quarter of 2021.

The implementation agreement entered into between the two companies is still in effect, including any legal and financial obligations thereunder.

In October, SIIG signed a binding merger agreement with Petrochem, under which SIIG will make an offer to acquire all the issued shares in Petrochem that are not owned by the group in return for issuing new shares to Petrochem’s shareholders in SIIG, Argaam earlier reported.

This is in accordance with the provisions of Article (26) of the Merger and Acquisition Regulations, the rules for offering securities and continuing obligations issued by the Capital Market Authority (CMA), and terms and conditions stipulated in the implementation agreement.