Riyadh – Mubasher: Jazan Energy and Development Company (Jazadco) announced receiving a go-ahead from the General Authority for Competition (GAC) to acquire all of the partners’ shares in Jazel Investments Company.

The deal is still subject to obtaining the approvals of the Capital Market Authority (CMA) and Jazadco’s extraordinary assembly to increase Jazadco’s capital, according to a bourse filing on Tuesday.

In December 2020, Jazadco signed a binding agreement to acquire all of Jazel Investments’ shares.

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.