Riyadh – Mubasher: Jazan Energy and Development Company (Jazadco) announced that its board of directors has decided not to extend the memorandum of understanding (MoU) to fully acquire Bakri International Energy Company.

The company no longer views the deal in its favour in terms of financial consideration, after extending the acquisition MoU several times, according to the company’s statement to the Saudi Stock Exchange (Tadawul).

Jazadco signed on 28 December 2018 an agreement with Rawafed Al Hadara Holding Company and Quintet for shipping and maintenance to purchase their respective stakes in Bakri International.

Bakri International Energy Limited Company was valued at SAR 592.5 million. The payment was planned to be through a cash sum of SAR 67.5 million as well as shares valued at SAR 525 million.

Moreover, Jazadco decided last month not to acquire Jabal Ohod Holding as per the agreement signed in June.