Jazan Development Co. (Jazadco) said on Monday that it will move forward with selling its 110,400 shares in SABIC to Geojit for SAR 10.5 million, which includes a five percent profit margin, the company said in a statement to Tadawul.

 

Jazadco’s general assembly approved the initial contract for the deal that was signed with Aloula Geojit Capital in December.

 

The Riyadh-based investment firm will pay Jazan the total amount on Dec. 20, 2015. The funds will be deposited in Jazadco’s portfolio at Aloula Geojit Capital, or deposited to its bank accounts.

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