National Petrochemical Company (Petrochem) announces that its Board of Directors has decided to start the discussions with Saudi Industrial Investment Group (SIIG) on a potential deal to merge the two companies.
|Announcement Detail||Petrochem announces that its Board of Directors approved on 17-09-2020 the start of initial discussions with the Saudi Industrial Investment Group (SIIG) (a related party) to study the economic feasibility of merging the two companies, noting that no agreement has yet been reached on the final structure of the potential deal. |
It should also be noted that entering into these discussions does not necessarily mean that the deal will take place between the two parties. If the deal is agreed upon, this will be subjected to the conditions and approvals of the all regulators, and the approval of the extraordinary general assembly of both companies.
Petrochem will announce any relevant developments as needed.
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