Saudi petchems firms Sipchem and Sahara Petrochemical have completed a “mergers of equals” to create a new company Sahara International Petrochemical Company, whose shortened name will be the familiar ‘Sipchem’.

Sahara’s shares were de-listed from the Saudi Stock Exchange Tadawul on 22 May, with Sahara becoming a wholly-owned subsidiary of the new Sipchem. The Saudi Capital Market Authority (CMA) last month approved the old Sipchem’s request to issue almost 367 million shares, taking its total number of shares to over 7.33 billion, to be exchanged for all the shares of Sahara to complete the transaction (MEES, 26 April). (CONTINUED - 162 WORDS)