Sipchem announces intention to purchase the equity investment of National Power Company in International Gases Company
Tuesday, July 24, 2018
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Saudi International Petrochemical Company (Sipchem) announces the signing of an agreement with National Power Company (NPC) on Tuesday, July 24, 2018, in terms of which Sipchem will acquire the National Power Company's 25% shareholding in the International Gases Company (IGC), an affiliate of Sipchem. This will be conditioned on obtaining the approval of the concerned authorities and other parties and Annual General Assembly.
The parties are now working together to close the conditions necessary to complete this transaction and plan to have done so within the next few weeks.
As per CMA regulations, we note here that the Zamil Group Holding Company is a related party to this transaction as it is a shareholder in both Sipchem and NPC.
Sipchem currently owns a 72% stake holding in IGC which stake holding will increase to 97% when the transaction is completed. All material developments relating to this transaction will be announced when appropriate.