The National Petrochemical Company “Petrochem” said it is currently working with Saudi Industrial Investment Group “The Saudi Group” to obtain all necessary regulatory approvals to complete the merger process.
The two companies expect to complete the transaction in the first quarter of 2022.
The companies have stated that the binding implementation agreement, including its terms and conditions, is still in force.
On October 27, Petrochem and the Saudi Group announced the conclusion of a binding implementation agreement for an acquisition operation in compliance with the provisions of Article (26) of the Merger and Acquisition Regulation and the rules for the offer of securities and continuing obligations issued by the Board of the Capital Markets Authority, and in compliance with a number of conditions and of the provisions set out in the implementation agreement.
Interestingly, the two companies had previously planned to complete the deal during the fourth quarter of 2021.
Under the binding agreement, the Saudi group will acquire all issued shares in Petrochem which are not owned by the Saudi group through a stock exchange transaction.
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