CMA Disapproves Jazan Energy and Development Company request to increase its capital to acquire Jazil Investment Company

Thursday, May 20, 2021 at 4:45 PM

Thu May 20, 2021 16:45

Jazan Energy and Development Company has sought CMA approval to increase its capital from SAR (500,000,000) to SAR (828,027,560) by issuing (32,802,756) ordinary shares to acquire Jazil Investment Company. After studying the application by the CMA and pursuant to the Capital Market Law and its Implementing Regulations, and based on the CMA's responsibilities to protect investors and because the transaction involves high risks and conflicts of interest. The CMA has issued its resolution disapproving the Company's request.