Nama Chemicals in deal to sell key stake in its Jubail unit
RIYADH, October 3, 2024
Saudi-based Nama Chemicals Company said it has signed a non-binding agreement with Haddaj Investment Company for the sale of a major stake in one of its subsidiaries Jubail Chemical Industries Company (Jana).
As per the deal, Haddaj Investment, a key subsidiary of Saudi Industrial Exports Company (SIEC) will join hands with FAAD Partners Financial Company to set up an investment fund for acquiring the stake in Jana.
Also the duo will set the foundational rules for the fund, conduct due diligence and the valuation processes, said Nama Chemicals in its filing to Saudi bourse Tadawul.
The fund will only be established upon Nama Chemicals’ approval of the valuation, it added.
Located in the industrial city of Jubail, Jana is a major producer of a range of epoxy resins - liquid, solution and solid forms for a variety of applications.
A Saudi joint stock company established in 1992, Nama has three other subsidiaries in addition to Jana. These are Saudi Arabian Alkali Company (Soda), Nama Industrial Investment Company (NIIC), Nama Europe.
From a modest beginning in 1999, Jana today boasts epoxy production of over 120,000 tonnes per annum.-TradeArabia News Service
