Nama Chemicals shareholders to vote on JANA acquisition offer on March 23

Logo of Nama Chemicals Co.

Nama Chemicals Co.'s shareholders will meet on March 23 to vote on the offer submitted by FAAD Partners Co. to acquire 40% of Jubail Chemical Industries Co. (JANA), a subsidiary of Nama Chemicals, for SAR 200 million.

This is a non-binding offer, as per the agreed terms and conditions, according to a filing to Tadawul.

For more news and details on M&As

Shareholders will also vote on authorizing the board of directors to complete the transaction procedures and negotiate the final terms, sign the necessary agreements and contracts, as well as take all legal, accounting, and regulatory actions required to finalize the transaction in the best interest of the company and its shareholders.

Earlier, Nama Chemicals and Saudi Industrial Export Co. (Sadirat) said FAAD Partners' 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, according to data available with Argaam.