- Addendum Announcement by the Saudi Industrial Investment Group Relating to the unplanned shutdown for one of its subsidiaries (Saudi Polymers Company)
According to a bourse filing on The Saudi Stock Exchange (Tadawul) on February 5, 2023, Saudi Industrial Investment Group (SIIG) notified regarding extended shutdown at Saudi Polymers JV. In an earlier announcement dated January 29, 2023, the company stated that ‘’Operators at the site are currently working on repairing the technical issue and will work on gradually restarting the plant, Current estimation is being back in production next Friday February 3rd.’’
Change on the Development
- Reference to Saudi Industrial Investment Group announces relating to the unplanned shutdown for one of its subsidiaries (Saudi Polymers Company) as a result of a technical issue in the Ethylene refrigeration unit.
- We would like to inform our shareholders that maintenance work is still ongoing on the repair of the unit, and given the nature of the mechanical repairs, additional downtime is required to ensure safe and reliable operations. Restart of operations is expected approximately one week later than originally planned. The company will issue an announcement once the plant is back in full operation.
- Noting that SIIG’s other projects (Saudi Chevron Phillips and Jubail Chevron Phillips) are running normally and at full capacity
Financial Impact on the change
The financial impact of this shutdown cannot be measured at this time due to the fluctuation of product prices and the uncertainty of the duration of the shutdown. The financial impact of this shutdown will be reflected in SIIG Q1, 2023 results. SIIG will announce any material developments in a timely manner.
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
