JAZADCO gets competition authority’s nod to acquire Jazil Investment
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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