Nama Chemicals OGM approves offer to acquire 40% of JANA

Logo of Nama Chemicals Co.

Nama Chemicals Co.'s shareholders approved 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) held on March 23.

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In a statement to Tadawul, the company said that shareholders also authorized 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.

According to data available on Argaam, Nama Chemicals and Saudi Industrial Export Co.’s (Sadirat) subsidiary, Haddaj Investment Co., entered into a non-binding agreement in October 2024 with FAAD to establish an investment fund aimed at acquiring a stake in JANA.

The agreement outlines the fund's core principles, as well as the due diligence and valuation processes.

In February, Sadirat said FAAD submitted a SAR 200 million non-binding offer to acquire 40% of JANA through the issuance of new shares, according to data available with Argaam.