Riyadh – Mubasher: Saudi Industrial Investment Group (SIIG) has obtained the approval of National Petrochemical Company’s (Petrochem) shareholders to acquire the latter’s entire shares.

Following the acquisition transaction, Petrochem’s stock has been suspended from trading on the Saudi Exchange (Tadawul) starting from 11 April and until the delisting takes place, according to a bourse discloser on Monday.

In accordance with the takeover process, SIIG will issue 304.80 million ordinary shares at a nominal value of SAR 10 per share for the shareholders of Petrochem of record date 12 April. Accordingly, Petrochem will be fully owned by SIIG.

Last March, the Capital Market Authority (CMA) gave its consent for SIIG to increase its capital to acquire the entire shares of Petrochem.