Sipchem Announces an Amendment to the Implementation Agreement Relating to the Proposed Merger of Equals with Sahara Petrochemicals Company
Thursday, April 04, 2019
Back to News List

Explanation

Element List

Further to the Sipchem’s announcement on 28/3/1440H (corresponding to 6/12/2018G) relating to the signing of the binding implementation agreement relating to the potential business merger of equals with Sahara (the “Implementation Agreement”) (the “Transaction”) the terms of which included agreement on the appointment of H.E Eng. Ahmad Abdulaziz Al-Ohali (the former Chief Executive Officer of Sipchem) as the Chief Executive Officer of the combined Sahara and Sipchem groups post-completion of the Transaction (the “Combined Group”) and the appointment of Eng. Saleh Mohammed Bahmdan, the current Chief Executive Officer of Sahara, as the Chief Operating Officer of the Combined Group.

Also, further to the announcement made by Sipchem on 17/7/1440H (corresponding to 24/3/2019G) relating to the resignation of Sipchem’s Chief Executive Officer H.E Eng. Ahmad Abdulaziz Al-Ohali due to his appointment as Governor of the General Authority for Military Industries pursuant to the Royal Order dated 16/7/1440H (corresponding to 23/3/2019G) and the assignment of Eng. Abdullah Saif Al-Saadoon as the Chief Executive Officer of Sipchem effective from 17/7/1440H (corresponding to 24/3/2019G), and Sipchem’s announcement on 25/07/1440H (corresponding to 1/4/2019G) relating to the appointment of Eng. Abdullah Saif Al-Saadoon as the Managing Director of Sipchem.

Sipchem announces that it has entered into an amendment agreement to the Implementation Agreement with Sahara on 27/7/1440H (corresponding to 3/4/2019G) pursuant to which the Implementation Agreement has been amended as follows: On completion of the Transaction (i) Eng. Saleh Mohammed Bahmdan )the current Chief Executive Officer of Sahara) shall be appointed as the Chief Executive Officer of the Combined Group; and (ii) Eng. Abdullah Saif Al-Saadoon (the current assigned Chief Executive Officer of Sipchem and the Managing Director of Sipchem) shall be appointed as the Chief Operating Officer of the Combined Group.

Both Sipchem and Sahara are working to satisfy all conditions to the Transaction, including obtaining the required regulatory approvals after which Sipchem intends to publish the offer document and its shareholder circular, Sahara intends to publish its shareholder circular, and both companies shall call for their respective extraordinary general assembly meetings to vote on the necessary resolutions to approve Transaction.

Further information on the Transaction will be announced in due course.

 

Announcement Detail