Saudi CMA declines Jazadco’s request to raise capital for Jazil acquisition

The company planned to issue 32.8mln new ordinary shares to acquire Jazil

  
Investors and speculators monitor stock prices on a screen at the FALCOM investment bank in Riyadh June 7, 2015.

Investors and speculators monitor stock prices on a screen at the FALCOM investment bank in Riyadh June 7, 2015.

REUTERS/Faisal AlNasser
Riyadh – The Saudi Capital Market Authority (CMA) has disapproved Jazan Energy and Development Company’s (Jazadco) request to increase the capital in order to acquire Jazil Investment Company, according to a Tadawul disclosure on Thursday.

Jazadco earlier submitted a request to the CMA to increase its capital to SAR 828.02 million from SAR 500 million. The company planned to issue 32.8 million new ordinary shares to acquire Jazil.

Earlier this year, Jazadco received the General Authority for Competition’s (GAC) approval to acquire all of the partners’ shares in Jazil.

Source: Mubasher

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