| ELEMENT LIST | EXPLANATION |
|---|---|
| Introduction | Further to the company’s announcement on the TADAWUL website dated 22-04-1442 H corresponding to 07-12-2020 G regarding Jazadco's signing of a binding and conditional agreement to purchase all shares in Jazil investment company (the"Agreement"), JAZADCO would like to announce to its shareholders that it has received the non-approval of the Capital Market Authority on 08-10-1442 H corresponding to 20-05-2021 G on the request of Jazan Energy and Development Company (“JAZADCO”) to increase its capital from (500,000,000) Saudi Riyals to (828,027,560) Saudi Riyals, by issuing (32,802,756) new ordinary shares allocated to the selling partners of Jazil Investment Company, for the purpose of acquiring the entire shares of Jazil Investment Company.
Accordingly, Jazadco would like to point out that the non-approval from the CMA is one of the conditions precedent for the transaction, and that failure to obtain it leads to the termination of the agreement in accordance with its terms and conditions, hence, the agreement has been terminated in accordance with its terms and conditions.
Furthermore, the company will review the next steps and announce any future material developments related to the transaction in a timely manner. In addition, the company is committed to its expansion plans through growth and development of the existing sectors as well as exploring growth opportunities in line with the company's vision and future direction. |
| Previous Announcement | The company announcement regarding the signing of a binding agreement to acquire all shares in Jazil Investment Company (“Jazil Company”) by increasing the capital of Jazadco Company through issuing shares to the partners in Jazil Company. |
| Date of Previous Announcement on Tadawul's Website | 2020-12-07 Corresponding to 1442-04-22 |
| Percentage of fulfilled achievement | Not Applicable |
| Event's Expected Completion Date | Not Applicable |
| Reasons for Exceeding the Announced End Date | Not Applicable |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | Not Applicable |
| Impact of the Delay on the Company's Financial Results | Not Applicable |
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