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 304,800,000Â 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.