SIIG to merge with Petrochem.

Saudi Industrial Investment, a petrochemical company, is set to merge with National Petrochemical Company, a petrochemical producer. Financial terms were not disclosed. SIIG already controls a 50% stake in Petrochem. Petrochem's shareholders will receive 1.27 shares in SIIG in exchange for each share they own if the transaction is approved. If the deal with SIIG goes through, Petrochem's shares will be delisted from the Tadawul and the company will be a wholly owned unit of SIIG.