تعلن المجموعة السعودية للاستثمار الصناعي ("المجموعة السعودية") عن إبرامها لاتفاقية ال&
October 27, 2021 at 03:48 pm EDT
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A2250 SIIG0.15 (0.37 %) 1443/03/21 Wed Oct 27, 2021 15:56:02
The Saudi Industrial Investment Group ("SIIG") announces its entry into a binding implementation agreement with The National Petrochemical Company ("Petrochem") to acquire all shares issued in Petrochem through a securities exchange transaction and its firm intention in making an offer in this respect.
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Explanation
Announcement Detail
Further to the announcement made by the Saudi Industrial Investment Group ("SIIG") on 21-2-1443H (corresponding to 28-09-2021G) in respect of signing a non-binding memorandum of understanding in relation to the exchange ratio and the structure to implement a securities exchange transaction with the National Petrochemical Company ("Petrochem"), SIIG is pleased to announce that it has entered into a legally binding implementation agreement on 21-03-1443H (corresponding to 27-10-2021G) with Petrochem (the "Implementation Agreement"), pursuant to which SIIG and Petrochem have agreed that SIIG will make an offer to acquire all shares issued in Petrochem which are not owned by SIIG in exchange for the issuance of new shares in SIIG to Petrochem's shareholders in accordance with Article (26) of the Merger and Acquisition Regulations and the Rules on the Offer of Securities and Continuing Obligations issued by the board of the Capital Market Authority, as well as the terms and conditions set out in the Implementation Agreement (the "Transaction").
SIIG also announces its firm intention to make the offer to implement the Transaction.
For further details on the announcement, please refer to the attachment.
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The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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SIIG - Saudi Industrial Investment Group SJSC published this content on 27 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 October 2021 19:47:06 UTC.
Saudi Industrial Investment Group SJSC is engaged in industrial, petrochemical, chemical, mineral projects, and other plastic industries, as well as the marketing of these products. It operates in two segments: Polymers segment, which represents Saudi Polymers Co LLC that produces and sells motor fuel blend stock, fuel oil, ethylene, propylene, 1-hexene, high density and low-density polyethylene and polypropylene, and Gulf Polymers Distribution Co FZCO that felicitates sales of polymer and monomer products and provision of international warehousing; and Aromatics segment which represents Saudi Chevron Phillips Co that is engaged in the production of liquid fuels, basic organic chemicals, primary gases and gaseous fuels; Jubail Chevron Phillips Company that is engaged in the production of basic organic chemicals, propylene and liquid fuels, and Aromatics Distribution Co FZCO that distributes the aromatic products such as styrene, cyclohexane, propane and benzene.