Under the approved agreement, ORL will hold 100% of Carmel Olefins’s (CAOL) shares following an exchange of shares.

On the date of closing, IPE will sell ORL its entire shareholding in CAOL, comprising 50% of CAOL’s issued share capital, in such a way that following the acquisition ORL will hold 100% of CAOL’s issued share capital.

Furthermore, on the closing date, ORL will sell IPE 3.74 million of its shares in IPE, representing 12.29% of IPE’s outstanding share capital, for a total consideration for $40 million, representing a company value of $325 million for IPE.