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Power and Water Utility Company for Jubail and Yanbu (Marafiq) announces its acquisition of Veolia Middle East’s Shears in Jeddah Althaniya Operation and Maintenance Company

2083
MARAFIQ
1.85 %
1446/05/08     10/11/2024 08:12:40

Element ListExplanation
Introduction Power and Water Utility Company for Jubail and Yanbu (Marafiq), announces its acquisition of Veolia Middle East’s 51% shares in Jeddah Althaniya Operation and Maintenance Company.
Acquisition Procedures Conclusion Date 2024-11-08 Corresponding to 1446-05-06
Summary of Acquisition / Purchase Jeddah Althaniya Operation and Maintenance Company is a joint venture between Marafiq and Veolia Middle East, established to operate and maintain the independent sewage treatment plant in Jeddah.

The company’s capital is SAR 300,000, with Marafiq holding 49% shares, and Veolia Middle East holding 51%. By acquiring Veolia’s 51% shares, Marafiq will own 100% of the Jeddah Althaniya Operation and Maintenance Company.

Based on the signed acquisition agreement, Marafiq will acquire 15,300 shares from Veolia Middle East.

This acquisition aims to enhance the company’s ability to improve its services and maintain operational excellence, aligning with the aspirations of all its customers.

Related Parties N/A
Financial Impact The full acquisition of Jeddah Althaniya Operation and Maintenance Company will bring 100% of the operation and maintenance (O&M) profits to Marafiq, significantly boosting its returns from the project. It is expected that the positive financial impact of this acquisition will result in additional profits of approximately SAR 75 million over the course of the 25-year project agreement, starting from the project’s commercial operation date on October 1, 2023.
Ownership and Legal Documents Transfer Conclusion Date The acquisition procedures have been completed, and the date of transfer of ownership and the regulatory documents will be announced later.

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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Last Price 49.65
Net Change 0.9 (+1.85%)
Value Traded (Sar) 37,777,651.55
Volume Traded 765,075
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