SAUDI INTERNATIONAL PETROCHEMICAL COMPANY (“SIPCHEM”) ANNOUNCES ITS FIRM INTENTION TO ENTER INTO A BUSINESS MERGER OF EQUALS WITH SAHARA PETROCHEMICALS COMPANY (“SAHARA”) BY WAY OF A RECOMMENDED OFFER TO ACQUIRE ALL OF THE ISSUED SHARES IN SAHARA IN EXCHANGE FOR NEW SHARES IN SIPCHEM
||Further to the joint announcement by Sipchem and Sahara on 23/01/1440H (corresponding to 03/10/2018G) that they had entered into a non-binding memorandum of understanding, Sipchem announces that the Parties have entered into a legally binding agreement on 28/03/1440H (corresponding to 06/12/2018G) (the "Implementation Agreement") governing the terms and conditions on which Sipchem and Sahara propose to implement a business merger of equals by way of Sipchem making a recommended offer to acquire all of the issued shares in Sahara in exchange for the issue of new shares in Sipchem in accordance with the applicable rules and regulations of the Capital Market Authority (“CMA”) (including the M&A Regulations and ROSCOs) and the Companies Regulations (the “Transaction”). Upon completion of the Transaction, all of the Sahara Shares will be delisted from the Tadawul and Sahara will become a wholly-owned subsidiary of Sipchem. Sipchem is making this announcement of its firm intention to proceed with the Transaction in accordance with Article 17(e) of the M&A Regulations (the “Firm Intention Announcement”).
For the further details on the announcement, please refer to the attachment.
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