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Jazadco inks binding deal to acquire Jazel Investments for SAR 410m

Jazadco inks binding deal to acquire Jazel Investments for SAR 410m
Jazadco is entitled to receive Jazel Investments’ profits for 2020
JAZADCO
6090
33.69% 17.38 4.38

Riyadh – Mubasher: Jazan Energy and Development Company (Jazadco) signed a binding agreement to acquire all the shares of Jazel Investments Limited.

The value of the deal amounts to SAR 410.03 million, which will be paid through the issuance of 32.8 million new shares for selling partners, Jazadco said in a bourse disclosure on Monday.

The number of new shares will be calculated based on the average daily closing price of Jazadco’s share for 170 trading days before the final deal. The share’s price has been valued at SAR 12.5.

It has been agreed that Jazadco is entitled to receive Jazel Investments’ profits for the year ending on 31 December 2020.  

The deal will enable Jazadco to enter new sectors such as energy and services.

The agreement is still pending approvals of the concerned authorities and Jazadco’s extraordinary general meeting (EGM).