Sipchem buys back 2.7 mln shares at SAR 40.3 mln

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Sahara International Petrochemical Co. (Sipchem) announced the completion of the second phase of its share buyback during the period Oct. 1 – Dec. 31, 2020, according to a bourse filing.

Sipchem repurchased 2.67 million shares, at SAR 15.08 each, totaling SAR 40.26 million.

Accordingly, Sipchem currently holds 5.17 million treasury shares, at an average purchase price of SAR 15.34 each.

The share repurchase will unlikely have a material financial impact on Sipchem’s financial results.

The number of purchased shares during the second phase doesn’t include the employees incentive program (827,813 shares).

In April 2020, Sipchem shareholders approved, during the EGM, buying back 10%, or 73.33 million shares, to be retained as treasury shares, and it completed, on Sept. 30, the first phase of the share repurchase, Argaam reported.