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    2010   SA0007879121

SAUDI BASIC INDUSTRIES CORPORATION

(2010)
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Saudi Arabia's SIIG and Petrochem plan merger through share exchange

09/28/2021 | 02:14am EDT

DUBAI, Sept 28 (Reuters) - Saudi Arabian petrochemicals companies Saudi Industrial Investment Group (SIIG) and the National Petrochemical Company (Petrochem) said on Tuesday they had signed a non-binding agreement on a proposed merger.

The deal would consist of a share exchange offer made by SIIG to acquire the remaining 50% of Petrochem that SIIG did not already own, the companies said in separate bourse statements.

SIIG would pay Petrochem's shareholders by issuing new shares in SIIG, which would result in a delisting of Petrochem's shares.

Petrochem's shareholders would receive 1.27 shares in SIIG in exchange for each share they owned in Petrochem.

SIIG has appointed HSBC Saudi Arabia as its financial advisor while Petrochem is working with GIB Capital.

The non-binding memorandum of understanding was subject to the companies reaching a final agreement on the terms of the deal, SIIG said.

The two firms began talks last year over the merger, which would mark further consolidation in the Saudi petrochemicals sector, after oil giant Saudi Aramco bought a 70% stake in Saudi Basic Industries last year.

Petrochem has a market capitalisation of about $6.3 billion and SIIG of about $4.8 billion.

The Saudi government has a 13.1% stake in SIIG and a 25% stake in Petrochem, according to Refinitiv data.

($1 = 0.2666 riyals) (Reporting by Davide Barbuscia; Editing by Stephen Coates)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
NATIONAL PETROCHEMICAL COMPANY -0.59% 50.6 End-of-day quote.52.18%
SAUDI ARABIAN OIL COMPANY 0.00% 37.4 End-of-day quote.6.86%
SAUDI BASIC INDUSTRIES CORPORATION -1.49% 132.4 End-of-day quote.30.57%
SAUDI INDUSTRIAL INVESTMENT GROUP -1.59% 40.25 End-of-day quote.46.90%
SUPREME PETROCHEM LIMITED 3.08% 767.3 End-of-day quote.114.06%
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Analyst Recommendations on SAUDI BASIC INDUSTRIES CORPORATION
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Financials
Sales 2021 161 B 42 835 M 42 835 M
Net income 2021 21 117 M 5 630 M 5 630 M
Net cash 2021 3 207 M 855 M 855 M
P/E ratio 2021 18,4x
Yield 2021 2,68%
Capitalization 397 B 106 B 106 B
EV / Sales 2021 2,45x
EV / Sales 2022 2,43x
Nbr of Employees 35 000
Free-Float 22,4%
Chart SAUDI BASIC INDUSTRIES CORPORATION
Duration : Period :
Saudi Basic Industries Corporation Technical Analysis Chart | 2010 | SA0007879121 | MarketScreener
Technical analysis trends SAUDI BASIC INDUSTRIES CORPORATION
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 11
Last Close Price 132,40 SAR
Average target price 115,87 SAR
Spread / Average Target -12,5%
EPS Revisions
Managers and Directors
Yousef bin Abdullah Al-Benyan Vice Chairman & Chief Executive Officer
Timothy D. Leveille Executive Vice President-Corporate Finance
Khalid Hashim Al-Dabbagh Chairman
Bob Maughon Executive Vice President-Technology & Innovation
Khaled Hamza Nahas Independent Director
Sector and Competitors