Riyadh – Mubasher: Jazan Energy and Development Co. (Jazadco) on Sunday announced signing an agreement to purchase 100% of Bakri International Energy Company Limited.
Jazadco signed the deal with Rawafed Al Hadara Holding Company and Quintet Co. Ltd. For Shipping and Maintenance, it said in a statement to the Saudi Stock Exchange (Tadawul).
As part of the deal, Jazadco will raise its capital by issuing stocks to Al Bakri’s shareholders as well as pay a cash sum to the sellers.
Bakri International Energy Company Limited was valued at SAR 592.5 million ($157.9 million), Jazadco revealed, noting that it would pay SAR 67.5 million and issue stocks worth SAR 525 million.
As for Jazadco’s capital hike, which is part of the deal, the company said it would issue around 42 million shares, therefore raising its capital by 84% to SAR 920 million, distributed across 92 million shares, from its current SAR 500 million and 50 million shares.
By 11:44 am Saudi time, Jazadco’s stock gained 1.38% to SAR 14.70.
