‎Petrochem issues shareholders’ circular for SIIG acquisition deal

‎Petrochem issues shareholders’ circular for SIIG acquisition deal

National Petrochemical Co. announced the publication of the board of directors’ circular relating to the acquisition deal with Saudi Industrial Investment Group (SIIG), which includes Petrochem board's opinion for the offer addressed to its shareholders in respect of the transaction and SIIG’s plans for Petrochem, according to a bourse filing.

The circular also includes the independent advice provided to the Petrochem board by GIB Capital, their financial advisor’s for the transaction.

SIIG published two documents earlier today.

The offer document directed to Petrochem shareholders regarding the transaction, which includes all the details related to the offer by SIIG to Petrochem’s shareholders for the transaction, has been prepared in accordance with Article (38) of the Merger and Acquisition Regulations.

The second was SIIG’s shareholders circular in relation to increasing its share capital for the transaction, which has been prepared in accordance with Article (57) of the Rules on the Offering of Securities and Continuing Obligations issued by the Capital Market Authority (CMA).

CMA board approved on March 16 the request received from SIIG to increase its capital from SAR 4.5 billion to SAR 7.548 billion by issuing 304.8 million ordinary shares to acquire all shares issued in Petrochem, which are not owned by SIIG through the