Jazan Energy and Development Company has sought CMA approval to increase its capital from SAR (500,000,000) to SAR (828,027,560) by issuing (32,802,756) ordinary shares to acquire Jazil Investment Company. After studying the application by the CMA and pursuant to the Capital Market Law and its Implementing Regulations, and based on the CMA's responsibilities to protect investors and because the transaction involves high risks and conflicts of interest. The CMA has issued its resolution disapproving the Company's request.
