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.

Announcement DetailFurther 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.
Attached Documents