Nama Chemicals, Sadirat get SAR 200M offer for 40% stake in JANA

Logo of Saudi Industrial Export Co. (Sadirat)

Nama Chemicals Co. and Saudi Industrial Export Co. (Sadirat) stated that FAAD Partners Co.'s non-binding offer to Nama Chemicals was approved.

According to separate statements from the two companies to Tadawul, the SAR 200 million offer is aimed at acquiring 40% of Jubail Chemical Industries Co. (JANA), a subsidiary of Nama Chemicals, through the issuance of new shares.

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This offer remains non-binding for both Nama Chemicals and Sadirat until a final binding agreement is reached. It is subject to further negotiations, final outcomes, regulatory approvals, and the approval of shareholders from each company.

According to data available with Argaam, Sadirat’s subsidiary, Haddaj Investment Co., entered into a non-binding agreement in October 2024 with FAAD to establish an investment fund aimed at acquiring a stake in JANA. The agreement outlines the fund's core principles, as well as the due diligence and valuation processes.