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×JAZADCO acquires Bakri International Energy
On December 28, 2018, Jazan Energy and Development Co. (JAZADCO) signed a final purchase agreement with Rawafed Al Hadara Holding Co. and Quintet Co. Ltd. for Shipping & Maintenance to take full control of Bakri International Energy Co.
Deal Value | Method of Finance | Type | Status |
158.00 Million USD | Capital Increase , Internal Resources | Acquisition | Cancelled |
The Acquiring Party
Jazan Development and Investment Co. - JAZADCO | |
Country | Saudi Arabia |
Status | Listed |
Argaam Sector | Food and Beverages |
*Market Cap (Million SAR) | 842.00 |
*Price/Share (SAR) | 16.84 |
The Acquired Party
Bakri International Energy Company - Bakri Energy | |
Country | Saudi Arabia |
Status | Unlisted |
Argaam Sector | - |
*Market Cap (Million SAR) | - |
*Price/Share (SAR) | - |
- *Based on the latest data available
Consultants
Deal Advisor | Swicorp , EY |
Legal Advisor | Turkistani & Alabbad |
Important Dates
Announced Date | 28-12-2018 |
Expected date for Completion | 30-12-2019 |
Related Parties
Company | Role |
---|---|
Rawafed Al Hadara Holding Company | Owner |
Quintet For Shipping & Maintenance Ltd. Co. | Owner |
Attachments
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Main Details
Bakri International Energy Co. was valued at SAR 592.5 million. JAZADCO will pay SAR 67.5 million in cash and will issue new shares worth SAR 525 million.
JAZADCO will also pay an additional earn-out equivalent to the average net profit of Jeddah Fuel Supply Co. (35 percent owned by Bakri International) for the three-year period following the beginning of Jeddah Fuel Supply Co.’s operations.
Note
* Upon transaction completion, the sellers will get 84 ordinary shares in JAZADCO (valued at SAR 12.5 per share) in return for each share held at Bakri International at a total of 42 million ordinary shares.