Sadirat’s unit signs deal to set up fund to acquire stake in Nama Chemicals’ JANA

03/10/2024 Argaam
Logo of Saudi Industrial Export Co. (Sadirat)

Logo of Saudi Industrial Export Co. (Sadirat)

Saudi Industrial Export Co.’s (Sadirat) subsidiary Haddaj Co. concluded a non-binding agreement to establish an investment fund with FAAD Capital to acquire a stake in Jubail Chemical Industries Co. (JANA), a subsidiary of Nama Chemicals Co. — who is also a signing party.

 

Haddaj and FAAD Capital will set the fund’s fundamentals, in addition to conducting due diligence and valuation. The fund is already licensed by the Capital Market Authority (CMA) under License No. 32-23270, according to separate Tadawul filings by Sadirat and Nama Chemicals.
 

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The deal is valid for three months. The fund will not be established until Haddaj and Nama Chemicals green light its planned valuation.

 

On the other hand, Nama Chemicals indicated its entailed obligation to refrain from entering into negotiations with either party regarding this matter, as per the agreement.

 

Sadirat and Nama Chemicals are committed to announce any relevant developments in due course.

 

According to data compiled by Argaam, on July 16, Haddaj signed a non-binding memorandum of understanding (MoU) with Nama Chemicals to acquire a stake in the latter’s subsidiary, JANA.

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