JAZADCO says will shelve BIE acquisition deal

Jazan Energy and Development Co. (JAZADCO) announced, in a bourse filing on Thursday, that it will not extend the period required to finalize the measures pertaining to the acquisition of Bakri International Energy Co. (BIE).

“The deal terms no longer comply with the company’s financial considerations,” the statement added.

In December 2018, JAZADCO signed a final purchase agreement with Rawafed Al Hadara Holding Co. and Quintet Co. Ltd. for Shipping & Maintenance to take full control of BIE through a cash and in-kind consideration, Argaam reported.

Jeddah-based BIE was established in 1973. It operates in the distribution, shipping and storage of crude oil, gas, jet fuels and petroleum products, assembly and repair of ships. It also provides seaport cargo handling services, manages seaports and offers warehousing services.