Jazadco pays SAR 45 mln for 15% RESRECO stake

Jazan Development Company (J​azadco) has paid SAR 45 million for the acquisition of a 15 percent stake in Al Reef Sugar Refining Co. (RESRECO).

The payment was made on Wednesday and financed by the company’s resources, Jazadco said in a statement to Tadawul.

In January, Jazadco’s board approved the purchase which covers 4.5 million shares of RESRECO, according to a report published by Argaam.

Jeddah-based RESRECO is a closed joint stock company with total capital of SAR 300 million divided into 30 million shares, at a par value of SAR 10 each.