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Saudi Arabia’s National Gas and Industrialisation Holding Company (GASCO) has signed a share purchase agreement to acquire a 50% stake in JACKO Gases, a limited liability company, in a 125 million riyals ($33.3 million) cash deal.
GASCO said the deal involves subscribing to newly issued equity representing 50% of JACKO’s share capital following a 100% capital increase.
Under the agreement, GASCO will inject SAR 125 million into JACKO in return for the newly issued shares.
The investment will be used to finance JACKO’s expansion plans, support its operational growth, and strengthen its market position, the company said.
Writing by Brinda Darasha; editing by Seban Scaria)
