AI Summary
| ELEMENT LIST | EXPLANATION |
|---|---|
| Date of Posting the Previous Announcement of Development on Tadawul's Website | 2020-12-07 Corresponding to 1442-04-22 |
| URL of the Previous Announcement | Click Here |
| Change on the Development | Further to the announcement made by Jazan Energy and Development Co. (“JAZADCO”) published on Tadawul website dated 22-04-1442H corresponding to 07-12-2020G (the “Announcement”) in connection with JAZADCO signing a binding and conditional agreement to acquire all the shares in Jazil Investment Co. (the “Agreement”), and with reference to the approval section in the Announcement, which state that it is mandatory to receive the statutory approvals from the General Authority of Competition (“GAC”) in connection with the economic concentration request for the Agreement.
JAZADCO is pleased to announce to its shareholders that GAC has approved the completion of the Agreement according to GAC letter issued with reference number 505239 dated 26-06-1442H, and it should be noted that the Agreement is still subject to a number of conditions, including, obtaining the approval of the Capital Market Authority to increase JAZADCO capital, and the approval of JAZADCO extraordinary general assembly to increase JAZADCO capital. JAZADCO will continue to announce any material developments with respect to the progress of the Agreement. |
| Financial Impact on the change | There is no financial impact |
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