JAZADCO extends timeframe to complete energy firm acquisition
Jazan Energy & Development Co. (JAZADCO) has extended the period to fulfill requirements of Bakri International Energy Co. acquisition deal from May 31, 2019 to Sept. 30, 2019, the company said in a bourse statement.
The extension will not have a financial impact, the company emphasized adding that any material developments will be announced in a timely manner.
The deal is subject to the Saudi Capital Market Authority’s (CMA) approval on JAZADCO’s capital hike to issue shares for sellers in addition to other regulatory approvals and the company’s extraordinary general assembly.
In April, the company filed a request to the General Authority for Competition (GAC) to approve its planned takeover of Bakri International Energy Co. (BIE), Argaam reported.
In December 2018, JAZADCO signed a final purchase agreement with Rawafed Al Hadara Holding Co. and Quintet Co. Ltd. for Shipping & Maintenance to take full control of BIE through a cash and in-kind consideration.