Jazan Development Company (Jazadco) has paid SAR 45 million for the acquisition of a 15 percent stake in Al Reef Sugar Refining Co. (RESRECO).
The payment was made on Wednesday and financed by the company’s resources, Jazadco said in a statement to Tadawul.
In January, Jazadco’s board approved the purchase which covers 4.5 million shares of RESRECO, according to a report published by Argaam.
Jeddah-based RESRECO is a closed joint stock company with total capital of SAR 300 million divided into 30 million shares, at a par value of SAR 10 each.
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