Sahara shareholders to vote on Sipchem merger transaction on May 16

Sahara Petrochemical Co.’s shareholders will vote on the recommended share exchange offer by Saudi International Petrochemical Co. (Sipchem) during the general assembly meeting that will be held on May 16, the company said in a bourse statement.

Under this offer Sipchem will acquire the entire issued share capital of Sahara through the issuance of 0.8356 new Sipchem shares for every Sahara share subject to the terms and conditions of the implementation agreement entered into between the two companies.

Sahara’s Shareholders will also vote on delegating the board of directors, or any person so authorized by the board to adopt any resolution or take any action as may be necessary to implement any of the above resolutions.

In a Separate statement, Saudi International Petrochemical Co. (Sipchem) has invited its shareholders to vote on a capital increase of Sipchem from SAR 3.666 billion to SAR 7.333 billion to acquire all the shares of Sahara’s shareholders during the extra ordinary general assembly meeting that will be held on May 16, 2019.

They will also vote on the merger agreement between Sipchem and Sahara.