|Introduction||Further to the announcement made by the Saudi Industrial Investment Group (the “SIIG”) on 21-03-1443H (corresponding to 27-10-2021G) in respect of its entry into a binding implementation agreement with The National Petrochemical Company (“Petrochem”) 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 (the “Transaction”).
Moreover, and further to the statement in the announcement referred to above that the two companies expect the transaction to be complete during the fourth quarter of 2021G, SIIG announces that the two companies are still currently working on obtaining all the regulatory approvals in accordance with the applicable laws and regulations as well as the terms and conditions set out in the Implementation Agreement. Accordingly, the two companies expect the transaction to complete during the first quarter of 2022G, noting that the Implementation Agreement entered into between the two companies is still in effect including any legal and financial obligations thereunder.
|Previous Announcement||SIIG’s announcement in respect of its entry into a binding implementation agreement with Petrochem to acquire all shares issued in Petrochem through a securities exchange transaction and its firm intention in making an offer in this respect.|
|Date of Previous Announcement on Tadawul’s Website||2021-10-27 Corresponding to 1443-03-21|
|Percentage of fulfilled achievement||Not applicable.|
|Event’s Expected Completion Date||The Transaction is expected to take effect during the first quarter of 2022G.|
|Reasons for Exceeding the Announced End Date||Both companies are currently working to obtain all necessary approvals in accordance with the applicable laws and regulations as well as the terms and conditions set out in the Implementation Agreement.|
|The costs associated with the event, and if they have changed or not with indication of the reasons.||Not applicable.|
|Impact of the Delay on the Company’s Financial Results||Not applicable.|