Sahara International Petrochemical Company (Sipchem) Announces the extension of Purchasing Some of its Shares
Wednesday, March 31, 2021
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ELEMENT LIST EXPLANATION
Introduction Sahara International Petrochemical Company (SIPCHEM) announces its Board of Director’s resolution to recommend to the Extraordinary General Assembly purchasing up to 10% of Sipchem’s ordinary shares and to add the sell option.
Board Approval's Date 2021-03-31 Corresponding to 1442-08-18
Purpose of Purchase The purchased shares will be held by SIPCHEM as treasury shares. The purpose of the sold option will be more liquidity for the company if required
Purpose of Purchase (If the Purpose to Keep the Shares as Treasury Shares) The repurchased shares will be held as treasury shares through cash balances or credit facilities.
Number of Shares to be Bought 73333333
Shares Class ordinary) shares)
Method of Financing the Purchasing Process The share purchase will be financed from Sipchem’s own resources or using credit facilities
Current Percentage of the Treasury Shares at the Company out of the Total Class of Shares Purchased Sipchem currently holds 6,171,150 shares representing 0.84% of its ordinary shares as treasury shares.
Approvals and Meeting the Conditions of Financial Appropriateness SIPCHEM will present this recommendation to the Extraordinary General Assembly to obtain its approval for shares purchase in accordance with paragraph four of article twelve of the Regulatory Rules and Procedures Issued Pursuant to the Companies Law relating to Listed Companies.
Voting Right Purchased shares will have no voting rights at the general assembly meetings.
Additional Information Sipchem will comply with the Conditions of Financial Appropriateness as provided in paragraph three of article twelve of the Regulatory Rules and Procedures Issued Pursuant to the Companies Law relating to Listed Companies.