Sipchem to allocate over 66mln shares as treasury shares

Riyadh – Mubasher: The shareholders of Sahara International Petrochemical Company (Sipchem) agreed on purchasing up to 66.34 million of its shares and allocating them as treasury shares, according to a disclosure to Tadawul on Tuesday.

Completing the purchase of the shares will be carried out within 12 months.

Sipchem will retain the treasury shares for a maximum period of five years starting 24 May 2021.

The shareholders also approved the SAR 366.66 million cash dividends distributed for 2020, which were equivalent to SAR 0.5 per share or representing 5% of the capital.

Source: Mubasher

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