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MarketScreener Homepage  >  Equities  >  SAUDI ARABIA STOCK EXCHANGE  >  Sahara International Petrochemcl Co SJSC    2310   SA000A0KFKK0

SAHARA INTERNATIONAL PETROCHEMCL CO SJSC

(2310)
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Saudi International PetrochemicalComSJSC : SAHARA PETROCHEMICALS COMPANY ANNOUNCES THE RESULTS OF THE EXTRA ORDINARY GENERAL ASSEMBLY (FIRST MEETING) APPROVING THE RECOMMENDED SHARE EXCHANGE OFFER BY SAUDI INTERNATIONAL PETROCHEMICAL COMPANY (SIPCHEM)

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05/19/2019 | 06:51am EDT

Element List Explanation
Introduction Sahara Petrochemicals Company announces the results of the extra ordinary general assembly meeting approving the recommended share exchange offer by Saudi International Petrochemical Company. Which was held under the chairmanship of Eng. Saleh Mohammed Bahamdan (the Board Vice Chairman) and attended by the following members of the Board of Directors:

1.Jabr Abdulrahman Al-Jabr

2.Ahmed Fahad Al-Duwayan (the Chairman of Nominations and Rewards Committee)

3.Mohammed Ali Al-Musalim (the Chairman of Audit Committee)

4.Said Omar Al-Esayi

5.Khalid Abdulhameed Al-Shuwaier

6.Saleh Helwan Al-Humidan

7.Ali Abdulrazaq Al-Ghamdi

Whereas the following members of the Board of Directors were unable to attend:

1.HE Eng. Abdulaziz Abdullah Al-Zamil (the Board Chairman)

2.Usamah Abdulaziz Al-Zamil

3.Rashid Said Al-Ghurair

City and Location of the General Meeting The Ritz-Carlton, Riyadh
Date of the General Meeting 2019-05-16 Corresponding to 1440-09-11
Time of the General Meeting 21:30
Percentage of Attending Shareholders 51.04 %
Voting Results on the Agenda 1.Approve the recommended share exchange offer by Saudi International Petrochemical Company (“Sipchem”) to be effected pursuant to Article 26 of the Merger and Acquisition Regulations issued by the Capital Market Authority whereby Sipchem will acquire the entire issued share capital of the Company (the “Sahara Shares”) through the issuance of 0.8356 new Sipchem Shares for every Sahara Share (the “Transaction”) subject to the terms and conditions of the implementation agreement entered into between the Company and Sipchem dated 28/3/1440H (corresponding to 6/12/2018G) and as amended on 27/7/1440H (corresponding to 3/4/2019G) (the "Implementation Agreement"). Including approval of the following matters relating to the transaction:

A. the provisions of the Implementation Agreement; and B. authorisation of the Board of Directors of the Company, or any person so authorised by the Board of Directors, to adopt any resolution or take any action as may be necessary to implement the Transaction.

Additional Information The new Sipchem shares will be issued to the Company’s shareholders who are registered in the shareholders registry by the end of the second trading day following the EGM date.

(c) 2019 Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials (SAR)
Sales 2019 5 828 M
EBIT 2019 1 222 M
Net income 2019 758 M
Debt 2019 5 632 M
Yield 2019 6,55%
P/E ratio 2019 14,8x
P/E ratio 2020 14,0x
EV / Sales2019 3,05x
EV / Sales2020 2,61x
Capitalization 12 115 M
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 8
Average target price 20,28  SAR
Last Close Price 16,52  SAR
Spread / Highest target 45,3%
Spread / Average Target 22,8%
Spread / Lowest Target -9,20%
EPS Revisions
Managers
NameTitle
Abdulrahman Abdullah Al-Zamil Non-Executive Chairman
Riyadh Salem Ali Ahmed Al-Edrissi Non-Executive Director
Fahad Sulaiman Abdel Aziz Al-Rajhi Deputy Non-Executive Chairman
Ayidh Mohammad Al Qarni Independent Director
Ziad bin Abdul Rahman Al-Turki Independent Director
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