JAZADCO seeks competition authority nod on Bakri's acquisition

18/04/2019 Argaam

 

Jazan Energy and Development Co. (JAZADCO) has filed a request to the General Authority for Competition (GAC) to approve its planned takeover of Bakri International Energy Co. (BIE).

 

The public and other stakeholders are required to submit thoughts on the planned merger within 15 days, GAC said in a statement on Thursday.

 

In December 2018, JAZADCO signed a final purchase agreement with Rawafed Al Hadara Holding Co. and Quintet Co. Ltd. for Shipping & Maintenance to take full control of BIE through a cash and in-kind consideration, Argaam reported. 

 

Jeddah-based BIE was established in 1973. It operates in the distribution, shipping and storage of crude oil, gas, jet fuels and petroleum products, assembly and repair of ships. It also provides seaport cargo handling services, manages seaports and offers warehousing services.

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