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Saudi SIIG & Petrochem eye merger after incurring losses

Saudi Industrial Investment Group (SIIG) and National Petrochemical Company (Petrochem), two of the kingdom’s petrochemical companies, are planning to merge after the two posted losses.

SIIG Sunday indicated in a bourse filing to Saudi Stock Exchange (Tadawul) that its board of directors has issued an approval to hold initial discussions with Petrochem, Zawya reports.

The company also noted that there is no deal yet.

SIIG owns 50 per cent of Petrochem.

Both companies have earlier incurred losses in line with their operations.

SIIG had earlier reported that its revenues for April to June in 2020 fell by 18.47 percent, while its net losses amounted to 55 million Saudi riyals ($14.67 million), Zawya notes.

Petrochem on its part lost 139 million Saudi riyals during the first half of the year.

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Posted by on Sep 21 2020. Filed under Energy, Finance, Gulf News, Headlines. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

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