Shareholders of Sahara Petrochemical Co. on May 16 approved the planned merger of Saudi International Petrochemical Co. (Sipchem), both the companies said in a bourse statement.

 

They approved the recommended share swap offer whereby Sipchem will fully acquire Sahara through the issuance of 0.8356 new Sipchem shares for every Sahara share.

 

The share swap is subject to the terms and conditions of the implementation agreement entered into by both companies.

 

The new Sipchem shares will be issued to the company’s shareholders registered by the end of the second trading day following the extraordinary general assembly date.

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