SIIG and Petrochem postpone merger plans

30/05/2011 Argaam

Saudi Industrial Investment Group (SIIG) and its unit National Petrochemical Company (Petrochem) delayed a planned merger until their joint venture Saudi Polymers starts production.

A joint committee recommended the postponement of the merger till the Saudi Polymers company starts production, as scheduled in the fourth quarter of 2011. That will help the parties reach more accurate value of the company, and a fairer stock price, the committee concluded.

SIIG’s board agreed last month to look into Petrochem’s request to merge the two firms.

SIIG owns 50 percent in Petrochem.

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