SIIG Announces the Signing of Non—Binding MOU with Petrochem

Source: www.gulfoilandgas.com 9/28/2021, Location: Middle East

Further to the announcement made by The Saudi Industrial Investment Group on the Saudi Stock Exchange (the “SIIG”) on 03-02-1442H (corresponding to 20-09-2020) in respect of the approval of SIIG’s board of directors to commence the discussions with The National Petrochemical Company (“Petrochem”) on the economic feasibility of merging the businesses of the two companies (the “Proposed Transaction”) and the announcement made by SIIG on 03-09-1442H (corresponding to 15-04-2021) in respect of the latest developments on the Proposed Transaction, SIIG would like to announce that it has entered into a non-binding memorandum of understanding (the “MOU”) with Petrochem in relation to the share exchange ratio and the structure through which the Proposed Transaction would be implemented.


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