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The Saudi Industrial Investment Group SIIG announces the Board of Directors’ decision approving the start of discussions with the National Petrochemical Company (Petrochem) on a possible deal to merge the two companies

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Announcement Detail SIIG announces the approval of the Board of Directors on 29-01-1442H corresponding to 17-09-2020 to start initial discussions with the National Petrochemical Company (Petrochem) (a related party) to study the economic feasibility of merging the two companies, noting that there is no agreement has yet been reached on the final structure of the potential deal.

It should be noted that entering into this study 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 competent authorities, and the approval of the extraordinary general assembly of both companies.

SIIG will announce any developments later.

Note that SIIG owns 50% of Petrochem.

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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