Sipchem announces the completion of acquiring National Energy Company’s shares in the International Gas Company
Tuesday, December 11, 2018
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Explanation

Element List

2018-07-24 Corresponding to 1439-11-11

Date of posting the previous announcement on Tadawul’s website

Sipchem announces intention to purchase the equity investment of National Power Company in International Gases Company

Subject of the previous announcement

Saudi International Petrochemical Company (Sipchem) is pleased to announce, after having obtained all necessary conditions and approvals, the completion of its acquisition of the National Power Company's shares in the International Gases Company (IGC). Sipchem now owns 97% of the shares in the International Gases Company (IGC). This transaction will be submitted for approval at the earliest meeting of the General Assembly.

Change Details on development

The financial impact of this transaction will be reflected in Sipchem’s financial results for the 4th quarter of 2018.

Financial Impact on the change

IGC, regarded as the largest plant of its kind in the world, primarily provides feedstock to the International Acetyl Company (IAC) for the production of Acetic Acid. IGC is also an additional source of hydrogen for the International Diol Company (IDC).

 

This announcement is in reference to the company’s earlier announcement published on the Tadawul website on 24 July 2018, regarding its intention to purchase the equity investment of National Power Company in International Gases Company.

Additional Information