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.