Jazan Energy and Development Co. (SASE:6090) signed a binding agreement to acquire Jazel Investments Limited from Majid Abdullah Al Issa and others for approximately SAR 570 million on December 7, 2020. The consideration comprises issuance of 32.8 million new shares. The agreement is still pending approvals of the competent authorities and extraordinary general meeting of Jazan Energy and Development Co. As of February 9, 2021, General Authority for Competition (GAC) approved the transaction. The transaction is still subject to obtaining the approvals of the Capital Market Authority (CMA) and Jazadco’s extraordinary assembly to increase Jazadco’s capital.