Saudi International Petrochemical Company (Sipchem) announced the signing of an agreement with National Power Company (NPC) on 24 July 2018, in terms of which Sipchem will acquire the National Power Company's 25% shareholding in the International Gases Company (IGC), an affiliate of Sipchem.
This will be conditioned on obtaining the approval of the concerned authorities and other parties and the Annual General Assembly.
The parties are now working together to close the conditions necessary to complete this transaction and plan to have done so within the next few weeks.
Zamil Group Holding Company is a related party to this transaction as it is a shareholder in both Sipchem and NPC.
Sipchem currently owns a 72% stake holding in IGC, which will increase to 97% when the transaction is completed.