Sahara International Petrochemical Co. Announces an update on Signing Initial Terms with Linde PLC
Sunday, April 26, 2020
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Introduction Reference to the announcement made by Sahara International Petrochemical Company (Sipchem) on December 04, 2019 regarding signing of initial terms for the establishment of a strategic partnership with Linde PLC for the supply of industrial gases to meet growing demand from the refining and chemical industries in the Kingdom of Saudi Arabia, where the initial terms agreement was due for expiry at the end of March 2020, Sipchem would like to announce that both parties are in the process to finalize such negotiations for the partnership and expect to achieve definitive agreements; therefore the Parties have agreed to extend the initial terms until the end of Q3 2020.
Previous Announcement Signing Initial Terms with Linde PLC
Date of Previous Announcement on Tadawul's Website 2019-12-04 Corresponding to 1441-04-07
Progress The parties are in the final negotiation stage regarding the partnership agreements
Event's Expected Completion Date 30-9-2020
Reasons for Exceeding the Announced End Date The ongoing negotiations of the final partnership agreements, and challenges to conduct visits to the manufacturing sites as part of confirmatory due diligence by both parties due to the current situation.
Expenses Related to the Event, Whether They Changed or Not and Justification NA
Impact of the Delay on the Company's Financial Results No Impact