Sipchem shareholders to vote on 66.4 mln share buyback on April 18

Logo of Sahara International Petrochemical Co. (Sipchem) 

Shareholders of Sahara International Petrochemical Co. (Sipchem) are set to vote on the board’s recommendation to buy back a maximum of 66.35 million shares, during the extraordinary general meeting (EGM) that will be held on April 18. 

The repurchased shares will be retained as treasury shares, as the board of directors deems that the stock market price is less than fair value, Sipchem said in a statement to Tadawul. 

The board will be authorized to complete the purchase on one or several stages within a period of 12 months from the date of the EGM approval.

The repurchased shares will be retained as treasury shares for a maximum period of five years from the EGM approval date.

Other items on the agenda include authorizing the board to distribute interim dividend on a quarterly or semi-annual basis for 2022.

The e-voting on agenda items will start from April 14 via Tadawulaty services.