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Two major Saudi state-owned enterprises
Merger negotiations begin
Two of Saudi state-owned companies, the Saudi Industrial Investment Group (SIIG) and the Saudi Arabian National Petrochem, have begun negotiations
on a potential merger.
In a Sept.
27 filing with the Saudi Stock Exchange, Petrochem said: "At this time, the parties have not reached an agreement
on the final structure of the potential transaction.
It should also be noted that participation in these negotiations does not necessarily mean that the parties will reach a deal
.
”
Both companies are important members of
the Saudi petrochemical industry.
SIIG is mainly engaged in industrial investment activities, especially in
the petrochemical sector.
SIIG owns 50% of Petrochem, which controls 65% of Saudi Polymers and Gulf Polymers Distribution
.
Saudi Polymers produces more than 1.
7 million tons of polymer annually in the industrial city of Jubail, which is sold
by Gulf Polymers.
