Nama, SIECO ink SAR 200M deal to acquire stake in JANA

Nama Chemicals Co. and Saudi Industrial Export Co. (SIECO) announced today, the signing of a binding agreement between Nama Chemicals, Jubail Chemical Industries Co. (JANA), Nama subsdiary, FAAD Partners Financial Co. (FAAD Partners), licensed by the Capital Market Authority (CMA) under number 32-23270.

According to the agreement, FAAD Partners would invest SAR 200 million in JANA in exchange for obtaining a 40% ownership in JANA through the issuing of new shares by JANA to FAAD Partners, Nama stated in a statement to Tadawul.

The general assembly approved on March 24, 2025 the non-binding offer submitted by FAAD Partners to acquire 40% of JANA for SAR 200 million, in accordance with the agreed terms and conditions.

Additionally, the assembly authorized the board of directors to finalize the transaction procedures, negotiate the terms, sign the required contracts and agreements, and take all necessary legal, accounting, and regulatory actions to ensure that the transaction is completed in the best interests of the company and its shareholders.

It is expected that the financial impact will be reflected in the second half of 2025.

The two companies said, in separate statements, that they will announce any developments in this regard as soon as they become available.

According to Argaam’s data, Nama Chemicals and Sadirat announced in February that FAAD Partners Co.'s non-binding offer to Nama Chemicals was approved. 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.

In October 2024, SIECO’s subsidiary, Hadaj 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.