JAZADCO inks MoU to study acquisition of “Jabal Ohod Holding”

Jazan Energy and Development Co.'s (JAZADCO) signed on June 12 a memorandum of understanding (MoU) with “Jabal Ohod Holding” to study the acquisition of the holding firm.

Stakes and their value will be determined later after the due diligence, JAZADCO said in a bourse statement.

The six-month agreement has no related parties and is not expected to have any financial impact, the statement added.

Jeddah-based “Jabal Ohod Holding” is specialized in electricity generation and transmission, high-voltage power works, distribution and maintenance.

It also works in renewable energy, engineering and infrastructure, as well as trade, investment and real estate development, as it has several subsidiaries such as multi-national firm Al Sharif Group & KEC Ltd Company, and the Power Tower Company.