Sahara Petrochemical and Saudi International Petrochemical plan to resume talks about a potential merger, four years after a tie-up was put on hold, reported Bloomberg.
Discussions will begin after “recent changes in the regulatory framework,” both companies said Tuesday, March 13, in separate statements to the Saudi stock exchange.
The initial merger, which proposed a share swap, was put on hold because both companies said it would be difficult to proceed using a structure acceptable to both sides under the regulatory framework at the time.
The companies have a combined market value of 14.7 billion riyals (US$3.9 billion). Al-Zamil Holding Group is the biggest shareholder of both companies, with 9.7% of Sipchem and 7.9% of Sahara, according to data compiled by Bloomberg.
Full Content: Bloomberg
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