Nama Chemicals OGM to vote on buying JANA stake on March 23

Logo of Nama Chemicals Co.

Nama Chemicals Co.'s shareholders will vote on the offer submitted by FAAD Partners Co. to acquire 40% of the former’s subsidiary, Jubail Chemical Industries Co. (JANA), for SAR 200 million, during the ordinary general meeting (OGM) to be held on March 23.

This is a non-binding offer, as per the agreed terms and conditions, according to a filing to Tadawul on Feb. 27.

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Shareholders will also vote on authorizing the board of directors to complete the transaction procedures and negotiate the final terms, sign the necessary agreements and contracts, as well as take all legal, accounting, and regulatory actions required for deal completion in the best interest of Nama Chemicals and its shareholders.

Earlier, Nama Chemicals and Saudi Industrial Export Co. (Sadirat) said FAAD Partners submitted a SAR 200 million non-binding offer to acquire 40% of Nama Chemicals’ subsidiary, JANA, through the issuance of new shares, according to data available with Argaam.