PIF’s recycling firm inks deal to fully acquire GEMS

16/04/2019 Argaam

 

The Saudi Investment Recycling Co. (SIRC), a subsidiary of the Public Investment Fund (PIF), has signed an agreement with Jadwa Investment to fully acquire its equity in Global Environmental Management Services (GEMS).

 

The acquisition is expected to be complete in Q2 2019, the Saudi Press Agency reported on Tuesday, citing SIRC’s chief executive officer Jeroen Vincent.

 

No further information were mentioned about the deal value.

 

Jeddah-based GEMS collects, handles and disposes of petroleum and chemical waste and is also involved in wastewater treatment across the Kingdom.

 

In 2017, The Saudi sovereign wealth fund announced plans to set up a waste management company to run the fund’s activities in that sector, Argaam reported.

 

Last year, Jadwa Investment was said to be working with Citigroup to sell its private equity investment in a waste management company.

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