Logo of Jazan Energy and Development Co.
Jazan Energy and Development Co. (JAZADCO) said its ownership in one of its associate firms, Tabuk Fish Co. (a closed joint stock company), declined to 10% for not subscribing to priority rights for capital increase by Tabuk Fish.
In a statement to Tadawul, JAZADCO said it owns 20%, representing SAR 20 million of Tabuk Fish’s SAR 100 million capital.
Tabuk Fish increased its capital by 100% from SAR 100 million to SAR 200 million. Accordingly, the number of shares increased to 20 million from 10 million at SAR 10 per share.
Therefore, the ownership of JAZADCO was reduced to 10% from 20% after the capital top-up, as the company’s nominal investment value remained at SAR 20 million.
Any material developments will be announced in due course, the statement noted.
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