| Element List | Explanation |
|---|---|
| Introduction | Further to the announcement made by the Saudi Industrial Investment Group (the “SIIG”) on 03-02-1442H (corresponding to 20-09-2020) in respect of the approval of the SIIG’s Board of Directors to commence the discussions with the National Petrochemical Company (“Petrochem”) on the economic feasibility of merging the businesses of the two companies (the “Proposed Transaction”). SIIG would like to announce a recent development in this regard, which is the completion of the initial economic feasibility study, on the basis of which SIIG and Petrochem decided to commence reciprocal due diligence, negotiate the terms and conditions of the Proposed Transaction and the sharing of information between the two companies in this regard. SIIG has appointed HSBC Saudi Arabia as its financial advisor and Khoshaim & Associates as its legal advisor in connection with the Proposed Transaction. Both parties aim to satisfy the requirements applicable to the Proposed Transaction before the end of the current Gregorian year and to present the Proposed Transaction to their respective shareholders in accordance with applicable laws and regulations. The completion of the Proposed Transaction is subject to a number of conditions which include obtaining approvals from the competent authorities. It should be noted that neither SIIG nor Petrochem is under an obligation to proceed with the Proposed Transaction. Therefore, the commencement of due diligence does not necessarily mean that the parties will reach a final and binding agreement in relation to the Proposed Transaction or that the Proposed Transaction will be completed. SIIG will announce any material developments in relation to the Proposed Transaction in due course in accordance with the applicable laws and regulations. |
| Previous Announcement | SIIG’s announcement in respect of the approval of SIIG’s Board of Directors to commence discussions with the National Petrochemical Company in relation to a proposed transaction to merge the businesses of the two companies. |
| Date of Previous Announcement on Tadawul’s Website | 2020-09-20 Corresponding to 1442-02-03 |
| Percentage of fulfilled achievement | Not applicable. |
| Event’s Expected Completion Date | It is not possible to determine the event’s expected completion date as it is subject to discussions between SIIG and Petrochem and the due diligence results in relation to the Proposed Transaction. Material developments will be announced in due course. |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | It is not possible to determine the costs associated with the event as they are subject to discussions between SIIG and Petrochem and the due diligence results in relation to the Proposed Transaction. Material developments will be announced in due course. |
