Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Sipchem, Sahara sign merger deal to form SR6.67bn petrochem giant  Join our daily free Newsletter

MENAFN - Arab News - 07/12/2013
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab News) The Saudi International Petrochemical Company (Sipchem) and Sahara Petrochemical Company (Sahara) have jointly signed a memorandum of understanding (MoU) to start the due diligence process over a proposed business merger between the two companies, according to a statement posted on the Saudi stock exchange (Tadawul).

If the proposed merger is completed, Sahara will become a subsidiary of Sipchem and new 300.57 million shares will be issued to Sahara shareholders thus bringing the total number of the issued shares to 667.2 million and raising the capital to SR6.67 billion, the statement said.

The current shares of Sipchem stand at 366.6 million, or SR3.66 billion.

The proposed merger is expected to enhance the company's leading position in the local and international petrochemical industry and boost the operational efficiencies where the merged company would become a stronger platform for further growth in the long-term, according to the statement.

The deal was signed by Ahmed Al-Ohali, CEO of Sipchem, whereas Isam Hamdi, CEO of Sahara, signed for his company.

The two companies plan to finish their evaluation of the proposed merger
with the intention of being in a position to sign the merger agreement in the first half of 2014, the statements said.

However, the proposed merger, if finalized, will be subject to various conditions and approvals, including without limitation, the approval of the Capital Market Authority (CMA), the general assembly of each company and the competent Saudi regulatory authorities, it said.

Based on the proposed merger, Sahara has selected Morgan Stanley Saudi Arabia as its financial adviser, Al-Jadaan & Partners Law Firm as its Saudi legal adviser, Clifford Chance LLP as its international legal adviser, and IHS Inc. as its technical and market consultant, whereas Sipchem appointed HSBC Saudi Arabia as its financial adviser, Zeyad S. Khoshaim Law Firm as its Saudi legal adviser, Allen & Overy LLP as its international legal adviser, Jacobs Consulting as its technical consultant, and Nexant as its market consultant.

 


Arab News




  MENA News Headlines
 Jun 30 2015 - Jordan- Crown Prince visits army headquartersJordan News Agency
(MENAFN - Jordan News Agency) HRH Crown Prince Al-Hussein bin Abdullah II, the Regent, on Monday, visited the General Command of the Jordan Armed Forces € Arab Army, where he was welcomed by the ...

 Jun 30 2015 - Jordan refuses Syrian accusations of intervening in its crisisJordan News Agency
(MENAFN - Jordan News Agency) Jordan, on Monday, rejected accusations leveled by some Syrian officials of the Kingdom interfering in the crisis in their country going on for more than four ...

 Jun 30 2015 - PRO TECHnology signs exclusive partnership with U.S InformaticaJordan News Agency
(MENAFN - Jordan News Agency) Jordan's PRO TECHnology has recently signed an exclusive partnership agreement with U.S. Informatica Company, the world's number one independent provider of data ...

 Jun 30 2015 - Jordan signs pact to create Asian bank for investmentJordan News Agency
(MENAFN - Jordan News Agency) Minister of Planning and International Cooperation, Imad Fakhoury, Monday signed an agreement to establish the Asian Infrastructure Investment Bank (AIIB) in Beijing as ...

 Jun 30 2015 - Jordan- Liberian vessel catches fire off Aqaba coastJordan News Agency
(MENAFN - Jordan News Agency) A Liberian ship, on Monday evening, caught fire in international waters off the Aqaba coast, authorities said. Acting-director of the Aqaba Ports Corporation, Mansour ...

 Jun 30 2015 - Egypt top prosecutor killed in Cairo attackJordan News Agency
(MENAFN - Jordan News Agency) Egypt's public prosecutor, Hisham Barakat, has been killed, Monday, in a bomb attack on his car in Cairo, officials say.Barakat died of his wounds in hospital after the ...

 Jun 30 2015 - Jordan- Fair weather conditions prevail todayJordan News Agency
(MENAFN - Jordan News Agency) Fair weather will continue today in hilly areas but it will be relatively hot in the Jordan Valley and Aqaba with north westerly moderate winds, according to the Jordan ...

 Jun 30 2015 - Jordan condemns assassination of Egypt's top prosecutor generalJordan News Agency
(MENAFN - Jordan News Agency) Jordan condemned a car bomb attack in Cairo on Monday that killed Egypt's top public prosecutor, Hisham Barakat.State Minister for Media Affairs Mohammad Momani told ...

 Jun 30 2015 - Palestinian hit by rubber bullet in NablusJordan News Agency
(MENAFN - Jordan News Agency) A 19-year-old Palestinian was hit in the foot by a rubber bullet during confrontations with Israeli occupation forces in Tal village near the West Bank city of ...

 Jun 30 2015 - UAE- Limitless nears $564m debt dealThe Arabian Post
(MENAFN - The Arabian Post) Dubai real estate developer Limitless has taken a step closer to securing a second restructuring on debt outstanding from Dubai's property crash six years ago.It said on ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help