SIIG, Petrochem announce changes to merger deal timetable

Logos of Saudi Industrial Investment Group and National Petrochemical Co.

Saudi Industrial Investment Group (SIIG) and National Petrochemical Co. (Petrochem) announced changes to some procedures stipulated in the merger timetable as included in the circular, according to separate statements of the two companies to Tadawul.

The date of the extraordinary general meeting (EGM) to vote on the merger was changed from March 17 to March 20, and the date of e-voting on the EGM agenda was also changed from April 6 to April 7.

In October 2021, SIIG signed a binding merger agreement with Petrochem. Under the agreement, SIIG will make an offer to acquire all the issued shares in Petrochem that are not owned by the company in return for issuing new shares to Petrochem’s shareholders in SIIG, according to data available with Argaam.

Petrochem announced the publication of the board of directors’ circular relating to the acquisition deal with SIIG, which includes Petrochem board's opinion for the offer addressed to its shareholders in respect of the transaction and SIIG’s plans for Petrochem.

The following table summarizes the results of the agreed valuation:

Valuation of SIIG, Petrochem Acquisition Deal
Agreed exchange ratio	1.27 shares in SIIG for each share in Petrochem.
Total number of consideration shares	304.8 mln fully paid-up shares.
Total nominal value of consideration shares	SAR 3.048 bln, based on a nominal value of SAR 10 per share
Total market value of consideration shares	SAR 12.527 bln (at the end of the last trading day prior to the date of entering into the implementation agreement on Oct. 26, 2021)

Key Dates and Milestones
Calling for an EGM for both companies to vote on the deal	March 17, 2022
Date of convening EGM of both companies - first meeting	April 10, 2022
Effective date	April 10, 2022 (if approval is obtained in the first or second meeting of the Petrochem EGM and the SIIG EGM).
Suspension of Petrochem shares	April 11, 2022
Delisting Petrochem shares from Tadawul	Within a period of not less than the third trading period and not exceeding the sixth trading period after the effective date.
Listing of consideration shares and deposit of the same in the accounts of Petrochem’s selling shareholders	Within a period of not less than the third trading period and not exceeding the sixth trading period after the effective date.

For More Mergers and Acquisitions

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SIIG, Petrochem sign binding agreement to implement merger

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