As a result of the transaction, Petrochem's shares will be delisted from the Saudi Stock Exchange (Tadawul) and Petrochem will become wholly owned by the Saudi Group.
The Saudi Group will - through increasing its capital - issue 304.8 million ordinary shares with a nominal value of 10 riyals per share for the benefit of (Petrochem) shareholders registered in the shareholders register ( Petrochem) with the Securities Depository Center Company (Edaa) at the end of the trading period on Tuesday 12 April 2022.
And since Petrochem has become wholly owned by the Saudi Group, the candidates for the membership of Petrochem's Board of Directors for the next term and who have applied to the company according to its announcement issued on February 14, 2022, in which it was indicated that if the deal between the two companies is completed before the end of the current session of the Board, the new members will not be elected by Petrochem’s shareholders, considering that as a result of the deal, Petrochem will then be wholly owned by the Saudi Group, which in turn will By appointing new members in accordance with the statutory rules and procedures related to unlisted joint stock companies.
The Saudi market announced the suspension of trading (Petrochem) shares in the market, starting today, Monday; To start the procedures for delisting the company's shares from the market.
The Securities Depository Center Company (Edaa) will also announce the application of the increase in the amount of securities of the Saudi Industrial Investment Group to the center's accounts for (Petrochem) shareholders after two working days From the date of the Extraordinary General Assembly meeting, with a maximum of 6 working days, according to market and center procedures.
