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The FAAD Industrial Fund offering was cancelled in accordance with the regulatory provisions
The offering was, therefore, cancelled in accordance with the regulatory provisions set out in the investment funds regulations, the company said in a statement to Tadawul.
The subscription amount transferred by Sadirat remains available in its investment account with the fund manager, the statement added.
A valid board meeting cannot be held, since the company’s board does not meet the minimum number of members required under the Companies Law or the company’s bylaws. Hence, any actions related to handling the subscription amount or making investment decisions will be deferred to the new board, once formed, to decide whether to proceed with the investment or consider other options.
Any developments in this matter will be announced as soon as they become available, the statement said.
According to data available with Argaam, Haddaj Investment Co., a subsidiary of Sadirat, signed in October 2024 a non-binding agreement to establish an investment fund with the Capital Market Authority-licensed FAAD Financial Partners and Nama Chemicals Co.
The agreement aimed to establish an investment fund to acquire a stake in Jubail Chemical Industries Company (JANA), a subsidiary of Nama Chemicals, set the fund’s basic rules, and conduct due diligence and valuation.
Last August, Sadirat’s board decided to invest SAR 70 million through Haddaj by subscribing to FAAD Industrial Fund.
Under the agreement, FAAD Financial Partners will inject SAR 200 million into JANA in exchange for acquiring a 40% stake in JANA’s capital through the issuance of new shares by JANA to FAAD Financial Partners.
last August, Sadirat’s board decided to invest SAR 70 million through Haddaj, the company’s investment arm, by subscribing to FAAD Industrial Fund.
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