Logos of Saudi Industrial Investment Group and National Petrochemical Co.
Saudi Industrial Investment Group (SIIG) published today, March 17, the documents related to its potential acquisition of National Petrochemical Co. (Petrochem).
The move came after the CMA board approved on March 16 the request received from SIIG to increase its capital from SAR 4.5 billion to SAR 7.548 billion by issuing 304.8 million ordinary shares to acquire the remaining stake in Petrochem through a share swap.
SIIG document included a circular to its shareholders with respect to its capital increase to acquire the remaining stake in Petrochem through a share swap.
The circular includes the deal details, terms and conditions, the related parties, the acquisition measures and the related risks.
SIIG also issued the offer document to Petrochem’s shareholder, including all details related to the offer.
The deal timetable, which sets out the proposed dates for the key events of the acquisition, was also among the document.
Post-completion will be able to enhance the operational activities, crystallize growth potential, economize on financing and access to capital, improve equity trading and coverage exposure by equity research analysts, rationalize corporate governance arrangements and decision-making process, and, as a result safeguard and grow shareholders value, SIIG added.
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Key Dates and Milestones |
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Publication of the invitation for EGM of SIIG and Petrochem to vote on the deal |
March 17, 2022 |
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Date of convening EGM of both companies (first meeting) |
April 10, 2022 |
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Effective date |
April 10, 2022 (if approval is obtained in the first or second meeting of the Petrochem EGM and the SIIG EGM). |
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Suspension of Petrochem shares |
April 11, 2022 |
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Delisting Petrochem shares from Tadawul |
Within a period of not less than the third trading period and not exceeding the sixth trading period after the effective date. |
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Listing consideration shares on Tadawul and allocating them for Petrochem's selling shareholders |
Within a period of not less than the third trading period and not exceeding the sixth trading period after the effective date. |
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