Nama Chemicals secures SIDF nod to sell 40% of JANA

01/06/2025 Argaam
Logo ofNama Chemicals

Logo of Nama Chemicals

Nama Chemicals received a notice on May 29 from the Saudi Industrial Development Fund (SIDF), granting in-principle approval for FAAD Partners Co. to complete the acquisition of a 40% stake in Jubail Chemical Industries Co. (JANA).

 

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In a statement to Tadawul, the company said SIDF rescheduled the two loans owed by JANA, loan No. 1501 (SAR 139.87 million) and loan No. 1899 (SAR 276.04 million).

 

Nama Chemicals will announce any further developments in due course, noting that the financial impact will be disclosed upon the signing of the final agreements.

 

In November 2024, Nama Chemicals received an official notice from the SIDF regarding its commitment to the guarantee provided under the loan agreement for JANA, according to data available with Argaam.

 

In February 2024, Nama Chemicals and Saudi Industrial Export Co. (Sadirat) stated that FAAD's non-binding offer to Nama Chemicals was approved. The SAR 200 million offer is aimed at acquiring 40% of JANA through the issuance of new shares.

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