JAZADCO, ARTEX extend MoU with Ethraa Holding for RESRECO stake sale, revise terms

Logo of ARTEX Industrial Investment Co.

Jazan Development and Investment Co. (JAZADCO) and ARTEX Industrial Investment Co. said they agreed to extend the memorandum of understanding (MoU) to sell Al Reef Sugar Refining Co. (RESRECO) shareholders’ stakes to Ethraa Holding until Jan. 31, 2026.

In separate statements to Tadawul, the companies said the extension came at the request of Ethraa Holding to complete requirements by the Saudi Industrial Development Fund (SIDF) and other relevant authorities necessary to finalize the deal.

They noted that the MoU terms were amended to make it binding on both parties, conditional on SIDF’s approval of the transfer of share ownership to the new partners, including related financial liabilities.

The MoU will be void if SIDF does not approve the ownership transfer, if discrepancies arise in the information provided during its term, or if final approval is not obtained before the end of the extension.

According to Argaam data, JAZADCO and ARTEX said in June that RESRECO signed an MoU to sell 100% of its shareholders’ stakes to Ethraa Holding.

That MoU was binding on the sellers but non-binding on the buyer, and was later extended by 70 days to Oct. 30, 2025.