Logo of JAZADCO
The General Authority for Competition (GAC) approved the economic concentration arising from Jazan Energy and Development Co.’s (JAZADCO) 100% acquisition of Jazil Investment.
The company said in a bourse statement that the deal completion is still subject to a number of conditions, including the approval of the Capital Market Authority (CMA) and general assembly for a capital hike.
JAZADCO will disclose the relevant material updates in due course.
According to the data compiled by Argaam, JAZADCO signed, in December 2020, a binding and conditional agreement to acquire 100% of Jazil Investment. for SAR 410.03 million.
|
Key Details of Acquisition Deal |
|
|
Target Company |
Jazil Investment |
|
Target Stake |
100% |
|
Acquisition Value |
SAR 410.03 mln |
|
JAZADCO's Market Value |
SAR 625 mln |
|
JAZADCO's Share Price in Acquisition |
SAR 12.50 |
|
Acquisition Method |
JAZADCO capital increase |
|
JAZADCO's current capital |
SAR 500 mln |
|
JAZADCO's current share capital |
50 mln shares |
|
Capital Hike |
SAR 328.03 mln |
|
Hike (%) |
65.6% |
|
New Capital |
SAR 828.03 mln |
|
New Share Capital |
82.80 mln shares |
|
Partners’ Ownership |
46.82% |
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