Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Sipchem, Sahara sign merger deal to form SR6.67bn petrochem giant  Join our daily free Newsletter

MENAFN - Arab News - 07/12/2013
No. of Ratings : 0
Add to Mixx!


(MENAFN - Arab News) The Saudi International Petrochemical Company (Sipchem) and Sahara Petrochemical Company (Sahara) have jointly signed a memorandum of understanding (MoU) to start the due diligence process over a proposed business merger between the two companies, according to a statement posted on the Saudi stock exchange (Tadawul).

If the proposed merger is completed, Sahara will become a subsidiary of Sipchem and new 300.57 million shares will be issued to Sahara shareholders thus bringing the total number of the issued shares to 667.2 million and raising the capital to SR6.67 billion, the statement said.

The current shares of Sipchem stand at 366.6 million, or SR3.66 billion.

The proposed merger is expected to enhance the company's leading position in the local and international petrochemical industry and boost the operational efficiencies where the merged company would become a stronger platform for further growth in the long-term, according to the statement.

The deal was signed by Ahmed Al-Ohali, CEO of Sipchem, whereas sam Hamdi, CEO of Sahara, signed for his company.


The two companies plan to finish their evaluation of the proposed merger
with the intention of being in a position to sign the merger agreement in the first half of 2014, the statements said.

However, the proposed merger, if finalized, will be subject to various conditions and approvals, including without limitation, the approval of the Capital Market Authority (CMA), the general assembly of each company and the competent Saudi regulatory authorities, it said.

Based on the proposed merger, Sahara has selected Morgan Stanley Saudi Arabia as its financial adviser, Al-Jadaan & Partners Law Firm as its Saudi legal adviser, Clifford Chance LLP as its international legal adviser, and IHS Inc. as its technical and market consultant, whereas Sipchem appointed HSBC Saudi Arabia as its financial adviser, Zeyad S. Khoshaim Law Firm as its Saudi legal adviser, Allen & Overy LLP as its international legal adviser, Jacobs Consulting as its technical consultant, and Nexant as its market consultant.

 


Arab News




  MENA News Headlines
 Mar 27 2017 - du celebrates the month of reading with first internal ‘duReads’ forum held exclusively for employeesMENAFN Press
(MENAFN Editorial)In celebration of March as the month of reading, du held the first ever reading forum – ‘duReads’ – in the history of the company at Al Salam Tower in Dubai. Spanning two exciting ...

 Mar 27 2017 - Sharjah Police Launches Third Online Auction for Vanity Number PlatesMENAFN Press
(MENAFN Editorial)Sharjah Police announced launching its third online auction for distinguished number plates, in collaboration with Emirates Auction, the leading auction house in the Middle East, ...

 Mar 27 2017 - Almosafer launches flight booking serviceMENAFN Press
(MENAFN Editorial)After successfully running its hotel reservations platform for several years, Almosafer has now released its new flight reservation feature for both their web and mobile app ...

 Mar 27 2017 - USA in top 10 at Rankdit countries Rank for the Third day In rowMENAFN Press
(MENAFN Editorial) While United Arab emirates stayed at the top of the list followed by Jordan , USA reached the top 10 from day one The exciting challenge to share 10 sec. disappearing videos ...

 Mar 27 2017 - Zebra Technologies’ Next-Generation Solutions Recognized with Four iF Design Awards 2017MENAFN Press
(MENAFN Editorial)Zebra Technologies Corporation (NASDAQ: ZBRA), a global leader in providing solutions and services that give enterprises real-time visibility into their operations, announced that ...

 Mar 27 2017 - Global expands and diversifies its real estate holdings in the UK with two new acquisitions in the greater Manchester areaMENAFN Press
(MENAFN Editorial)Acting on behalf of its clients, Global Investment House (Global), a regional Asset Management and Investment Banking firm headquartered in Kuwait with offices in major capital ...

 Mar 27 2017 - 80% of Professionals in the Middle East Find It Easier to Communicate with Employers via Online Job SitesMENAFN Press
(MENAFN Editorial): A new poll by Bayt.com, the Middle East’s #1 job site, entitled ‘Communication at Work in the Middle East,’ revealed that almost all respondents (91.4%) from the Middle East ...

 Mar 27 2017 - Johannesburg to host the 10th Edition Hotelier Summit AfricaMENAFN Press
(MENAFN Editorial)Africa is steadily developing into one of the world’s greatest tourist destinations, and there is a need for increased demand for Hotels across the continent. In South Africa, ...

 Mar 27 2017 - H.E Dr. Aisha Bin Bishr Represents Smart Dubai at The World Happiness SummitMENAFN Press
(MENAFN Editorial) UAE, March 26, 2017- H.E Dr. Aisha bin Bishr, Director General, Smart Dubai Office, showcased the successes of Smart Dubai over the past three years in an international ...

 Mar 27 2017 - Software AG & RIT University Dubai enter into a partnershipMENAFN Press
(MENAFN Editorial) March 26, 2017- Software AG, a global leader in enterprise architecture, IT planning, business process management, integration and big data, recently joined forces with ...

more...


 





Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Search News
Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help