The National Petrochemical Company Announces the Effectiveness of the Acquisition Transaction with the Saudi Industrial Investment Group
| Element List | Explanation |
|---|---|
| Announcement Detail | Further to the announcement made by the National Petrochemical Company (“Petrochem”) on the Saudi Stock Exchange (Tadawul) website today dated 10/9/1443H (corresponding to 11/4/2022G) in respect of the results of the Petrochem General Assembly Meeting, which included the approval of the offer by the Saudi Industrial Investment Group (“SIIG”) to acquire all shares issued in Petrochem which are not owned by SIIG in accordance with Article (26) of the Merger and Acquisition Regulations (the “Transaction”), Petrochem would like to announce the following:
- The effectiveness of the Transaction resolutions which, as a result, the trading of Petrochem shares have been suspended until Petrochem is delisted from the Saudi Stock Exchange (Tadawul).
- As a result of the Transaction, Petrochem will be delisted and will be fully owned by SIIG; and in consideration SIIG will issue, by increasing its paid-up capital, a total of (304,800,000) ordinary shares with a nominal value of SAR (10) per share, in favour of Petrochem shareholders who are registered in Petrochem’s share register at the Saudi Securities Depository Center Company (Edaa) at the end of trading on Tuesday 11/9/1443H (corresponding to 12/4/2022G).
- As a result of the Transaction, and given that Petrochem has become fully owned by SIIG, the candidates for the membership nomination of the board of directors for the upcoming board term (who have submitted their nominations to the company in accordance to the company’s announcement dated 13/7/1443H (corresponding to 14/2/2022G) will not be considered; noting that the aforesaid announcement provided that in the event that the Transaction between the two companies is completed prior to the expiry of the current board term, the candidates will not be elected by Petrochem shareholders since it will then be fully owned by SIIG, upon which SIIG will appoint the new directors in accordance with the rules and procedures applicable to closed joint stock companies |
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