Sahara Petrochemical, Sipchem plan merger

Sahara Petrochemical, Sipchem plan merger

6:45 AM, 5th June 2013
Sahara Petrochemical, Sipchem plan merger

JUBAIL, SAUDI ARABIA: Saudi Arabia’s Sahara Petrochemical and Saudi International Petrochemical Co (Sipchem) have begun initial talks on a potential merger. A feasibility study will be carried out by the two companies over the next five months, with the plan then put to shareholders and the regulator for approval, said both the companies in separate statements to the Saudi stock exchange. No value for the potential merger was given. Sipchem announced a fall in first-quarter net profit by nearly 60 per cent year-on-year to SAR64.5 million ($17.2 million) in April, which it attributed to planned plant shut-downs for maintenance.

© Reuters News

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