Jazan Development Co. (Jazadco) said on Monday that it will liquidate SAR 10 million from SAR 20 million investments in its locally-listed stock portfolio at Aloula Geojit Capital to pay for a new SAR 1.2 billion refinery in Jizan.
The company plans to pay the first installment of its share of Al Reef Sugar, which is a joint venture with Germany’s BIA to build the kingdom’s largest sugar refinery.
Jazadco and Al-Abdullatif Industrial Investment Co. control stakes worth SAR 45 million (equal to 15 percent) of the new refinery.
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