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11-06-14

Saudi Sipchem ends up merger plans with Sahara

(MENAFN) Saudi International Petrochemical Co (Sipchem) plans to keep proceeding in its performance and growth plans though it decided to cancel merger plans with Sahara Petrochemical, according to Arabian Business. In June 2013, the two companies decided to postpone merger plans on bad regulatory framework. If the merger had proceeded, it would have been only the second ever between listed Saudi firms and would have created a company with a market value of USD5.7 billion. Ahmed al-Ohaly, chief executive officer of Sipchem, said: "I must stress that nothing has changed for our day-to-day business - our company's growth ambitions remain the same."