Sahara International Petrochemical Company Announces its Intention to Purchase Some of its Shares and Hold them as Treasury Shares
Monday, December 09, 2019
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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.
Board Approval's Date 2019-12-08 Corresponding to 1441-04-11
Purpose of Purchase The purchased shares will be held by SIPCHEM as treasury shares.
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.
Current Percentage of the Treasury Shares at the Company out of the Total Class of Shares Purchased Sipchem currently holds [0.0003]% [206,780] 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 Shall not Have Voting Rights in the General Assembly’s Meetings