On September 30th, Sahara International Petrochemical Company (Sipchem) completed the first phase of the process of purchasing its allocated shares as treasury shares.
According to Arabiya Net, the company said in a statement to the Saudi market that it had bought 2.5 million shares with a total value of 39.02 million riyals at an average price of 15.60 riyals per share.
>
The company indicated that after the purchase, the company has now kept 2.5 million shares as treasury shares.
It is worth noting that it is not expected that there will be a material financial impact that may affect the company's financial statements as a result of the purchase.
Note that the number of shares purchased in the first phase does not include the incentive program to buy shares for employees, which amounted to (1,053,934) shares.
The extraordinary general assembly of Sahara International Petrochemical Company, Sipchem, had passed in its meeting last April the company’s purchase of up to 73.13 million shares of its shares and allocating them as shares Treasury, due to the board of directors ’satisfaction that the share price in the market is less than its fair value.
