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Business

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SIIG of Saudi Arabia to buy all shares of Petrochem

As part of the buyout, SIIG will issue 304,800,000 ordinary shares with a nominal value of SR10 ($2.6) each.
By TRENDS Desk
April 11, 2022 8:10 pm
  • SIIG will now fully own Petrochem and as a result the latter will be suspended from trading on the Saudi Stock Exchange beginning Monday
  • The acquisition transpired as Saudi Arabian energy companies are restructuring their operations in response to a market that has lost some of its demand

SIIG, also known as Saudi Industrial Investment Group, has obtained the approval to buy all shares of Petrochem.

SIIG will now fully own Petrochem and as a result the latter will be suspended from trading on the Saudi Stock Exchange beginning Monday, according to a bourse filing.

As part of the buyout, SIIG will issue 304,800,000 ordinary shares with a nominal value of SR10 ($2.6) each.

The acquisition transpired as Saudi Arabian energy companies are restructuring their operations in response to a market that has lost some of its demand.

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