Jazan Energy and Development Company (JAZADCO) announced the conclusion of a binding agreement to acquire all shares of Jazzel Investment Company (Jazzel).
Jazadco said in a statement to the Saudi market (Tadawul), today, Monday, that the value of the deal is 410.03 million riyals, to be paid by issuing 32.8 million new ordinary shares in favor of the selling partners Without any monetary compensation.
and indicated that upon completion of the acquisition, Jazzel Investments will become a wholly owned subsidiary of JAZADCO.
It also indicated that the number of new shares that JAZADCO will issue to the selling partners was calculated based on the average daily closing price of JAZADCO's share price for the 170 trading days preceding the final agreement on The company was evaluated, and the average share price was estimated at 12.5 riyals.
Jazadco pointed out that this acquisition comes as a continuation of the company's strategic directions in growth, diversification of investments, improvement of efficiency and effectiveness of performance through acquisitions and the exploitation of available opportunities.
She also noted that the acquisition of Jazzel Investment Company will allow the expansion of new activities and entry into the energy and services sector due to the concentration of Jazzel Investment Company's investments in the field of oil, gas and petrochemical services. .
and she said that the agreement is binding and conditional on the approval of government agencies and the extraordinary general assembly of JAZADCO to increase the capital and issue new shares to the selling partners, for the purpose of the acquisition of Jazzel before Deadline cut-off date May 31, 2021.
