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We have a slew of M&A stories this morning, including Jadaya Agricultural closing on a 100% acquisition of the Food Developing Trading Company, Aramco inching closer to acquiring an additional stake in Petro Rabigh, and Ataa Education selling two of its subsidiaries.
Jadaya Agricultural has become the sole owner of Food Developing Trading Company (FDTC) after acquiring 100% of FDTC, according to a disclosure to Tadawul. Jadaya has previously held an 81% stake in FDTC. The transaction was completed through a share swap agreement where the owners of poultry sales and distribution company will get a 0.7% stake in Jadaya.
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Aramco inches closer to becoming the majority shareholder of Petro Rabigh: Saudi Aramco, Japan’s Sumitomo Chemical, and Petro Rabigh have signed the waiver agreement that will see Petro Rabigh relieved of its revolving shareholder loans worth USD 1 bn, according to a disclosure to Tadawul. These loans were set to mature this year. Petro Rabigh is a joint venture between Aramco and Japan’s Sumitomo Chemical.
ICYMI: Saudi Aramco is acquiring an additional 22.5% stake in Petro Rabigh, after signing a binding sale and purchase agreement. Sumitomo Chemical will sell down its position in Petro Rabigh to hand Aramco the stake for SAR 7.0 apiece, bringing the total value of the sale to SAR 2.6 bn (USD 702 mn). The transaction will bring Aramco’s stake in Petro Rabigh to c.60%, while Sumitomo will continue to hold a 15% stake. The remaining 25% stake will remain listed on Tadawul as freefloat shares.
Ataa to sell two subsidiaries: Our friends at Ataa Education’s board of directors approved an offer to sell Creative Development and Al Faisal International Academy to the Digital Future Company, Ataa said in a Tadawul filing. The two companies are subsidiaries of Ataa-owned Arabian Education and Training Group. No financial details were provided.
Al Khaleej Training gears up to acquire a private school in Riyadh: Al Khaleej Training and Education has entered into a revised sale and purchase agreement to acquire 80% of Adwaa Al-Hedeya for Boys and Girls Private School through a share swap, it said in a disclosure to Tadawul. Al Khaleej will boost its capital by 34.9% in order to give the selling shareholder, Ethraa Holding, a 25.8% stake in Al Khaleej.
Saudi Advanced Industries (Saic) has pulled the plug on a proposed takeover of Dar Al Balad, it said in a filing to Tadawul. The two companies scrapped a non-binding MoU after failing to reach an agreement that would have seen Saic acquire 100% of Dar Al Balad ahead of plans to grow the outfit and take it public within two years. No further information was disclosed.
