Saudi Arabia’s Sahara Petrochemicals plans to resume merger talks with Saudi International Petrochemical Co (Sipchem), nearly four years since the negotiations were stalled.
Sahara, in a filing to the Saudi Stock Exchange or Tadawul late on Tuesday, said that discussions will be re-opened “in light of recent changes in the regulatory framework”. No further details were provided.
The two companies postponed in June 2014 their merger talks, which were in advanced stages as of late October 2013.
Sahara said that “implementing the proposed merger through a structure acceptable to both companies and available under the regulatory framework at that time was difficult”.
In December 2013, the two companies signed a memorandum of understanding (MOU), under which Sipchem would issue 0.685 new shares for every one outstanding Sahara share. This meant an issuance of 300.6m new Sipchem shares in exchange for all the issued shares of Sahara.
Manufacturing operations of Sipchem and Sahara Petrochemicals in Saudi Arabia are mostly based in Jubail.
Sipchem manufactures and markets 2.2m tonnes of petrochemicals, while Sahara Petrochemicals has nine petrochemical affiliates, including include Al-Waha Petrochemicals (75%-owned), which produces propylene and polypropylene (PP), based on information available on the companies’ websites.
By Pearl Bantillo
Source: ICIS News
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