SIPCHEM plans 10% share purchase as treasury shares

SIPCHEM
2310 -0.49% 16.18 -0.08

Riyadh – Mubasher: The board of Sahara International Petrochemical Company (SIPCHEM) has recommended purchasing up to 10% of the company’s ordinary shares.

The purchased shares will be held by SIPCHEM as treasury shares through cash balances or credit facilities, subject to the approval of the next extraordinary general assembly meeting (EGM), according to a statement to the Saudi Stock Exchange (Tadawul).

The share purchase will be financed from Sipchem’s own resources.

Sipchem currently holds 206,780, or 0.0003%, of its ordinary shares as treasury shares.

Moreover, purchased shares will not have voting rights in the general assembly’s meetings.

Source: Mubasher Source: {{details.article.source}}