Jazan Development and Investment Company announces the latest developments regarding the Memorandum of understanding which was extended by the shareholders of one of its investee companies (Al-Reef Sugar Refinery Company) for the Sale of All Shares to Ethraa Holding Company
| Element List | Explanation |
|---|---|
| Introduction | With reference to Jazan Development and Investment Company (JAZADCO) announcement regarding one of its investee companies, Al-Reef Sugar Refinery Company, signing a Memorandum of Understanding (MoU) with Ethraa Holding Company on 21-06-2025, which was previously extended for an additional period to complete the necessary studies.
JAZADCO announces that on 30-10-2025, both parties agreed to extend the MoU until 31-01-2026, based on a request from Ethraa Holding Company to complete the requirements of the Saudi Industrial Development Fund (SIDF) and related entities to complete the transaction.
It was also agreed to amend the commitment terms stipulated in the MoU. |
| Previous Announcement | Jazan Development and Investment Company Announces the Latest Developments Regarding the Signing of a Memorandum of Understanding by the Shareholders of One of Its Investee Companies (Al-Reef Sugar Refinery Company) to Sell All Their Shares to Ethraa Holding Company |
| Date of Previous Announcement on Saudi Exchange’s Website | 2025-08-21 Corresponding to 1447-02-27 |
| Hyperlink to the Previous Announcement on the Saudi Exchange Website | Click Here |
| Latest Developments Of The Announced Event | 1. Extension of the Memorandum of Understanding (MoU) until 31-01-2026.
2. Amendment of the commitment terms stipulated in the MoU to make it binding on both parties, subject to the approval of the Saudi Industrial Development Fund (SIDF) for the transfer of share ownership to the new partners along with the related financial obligations. The MoU shall be considered null and void if the SIDF does not approve the transfer of ownership, or if any information is found to be inconsistent with the data provided during the MoU period, or upon the expiry of the specified period without the Fund’s final approval. |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | none |
Comments