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Petrochem and SIIG to delay merger proposition

June 01/2011

(Arabian Oil and Gas) -- Saudi Arabia's National Petrochemicals Company (Petrochem) and Saudi Industrial Investment Group (SIIG) have decided to delay merger study of their assets until the start and the stabilisation of the project of the Saudi Polymers Company, the two companies said in a statement published on Saudi stock exchange Tadawul.

The two companies said that the Saudi Polymers project is slated for production in the fourth quarter 2011. Upon the completion of the project, we will be able to take the best expectation including the costs, sales and the profitability of the project, said Petrochem, the owner of the Polymers project. This will allow us to set a fair value of the companys shares before the merger, it added.

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