Riyadh –  The shareholders of Saudi Industrial Investment Group (SIIG) have agreed to raise its capital from SAR 4.50 billion to SAR 7.54 billion to acquire the entire shares of National Petrochemical Company (Petrochem).

In effect, SIIG’s shares will increase by 304.80 million shares from 450 million to 754.80 million shares, according to a bourse disclosure on Monday.

Upon the acquisition deal, SIIG will issue 1.27 new shares for every share in Petrochem.

It is worth noting that Petrochem’s shareholders and the Capital Market Authority (CMA) approved the acquisition transaction under which SIIG will issue ordinary shares at a par value of SAR 10 per share.

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