04 June 2013 15:58 [Source: ICIS news]
The companies will undergo technical, financial, and regulatory studies over the next five months, they said in separate but near-identical statements on the Saudi stock exchange.
“Then those study results will be addressed to the board of directors of both companies and the required governmental entities, along with the general assembly meetings for both companies to proceed further,” Sahara’s statement said.
Any further developments would be announced after this process, the companies said, without giving a potential value for the merger.
Sahara Petrochemicals’ Q1 net profit nearly tripled year on year, partly on higher sales prices and a decline in feedstock cost, while Sipchem’s Q1 net profit fell by 57.5% year on year on the back of plant turnaround activities.
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections