MARAFIQ completes ownership transfer of acquired stake in JAOMC

15/12/2024 Argaam
Logo ofPower and Water Utility Company for Jubail and Yanbu (MARAFIQ)

Logo of Power and Water Utility Company for Jubail and Yanbu (MARAFIQ)

Power and Water Utility Company for Jubail and Yanbu (MARAFIQ) announced the completion of ownership transfer procedures of a 51% stake in Jeddah Althaniya Operation and Maintenance Co. (JAOMC), which was recently acquired from Veolia Middle East.

 

In a statement to Tadawul, the company said that its articles of association were amended and approved by the Ministry of Commerce today, Dec. 15.

 

For more news and details on M&As

 

In November, MARAFIQ announced its acquisition of Veolia Middle East’s 51% stake in JAOMC.

 

JAOMC is a joint venture between MARAFIQ and Veolia Middle East that was established to operate and maintain the independent sewage treatment plant in Jeddah with a capital of SAR 300,000.

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