Logo ofJazan Development and Investment Co. (JAZADCO)
Jazan Development and Investment Co. (JAZADCO) and ARTEX Industrial Investment Co. announced that Al Reef Sugar Refinery Co. (RESRECO) signed a binding memorandum of understanding (MoU) on the part of its shareholders (the sellers) and a non-binding MoU on the part of Ethraa Holding (the buyer), to sell 100% of the shares in RESRECO. 
In a statement on Tadawul, JAZADCO clarified that Ethraa Holding will commit to providing the necessary financial guarantees to all creditors—foremost among them the Saudi Industrial Development Fund (SIDF)—to cover all outstanding loans and obligations of RESRECO, including guarantees previously provided by the shareholders.
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JAZADCO noted that it owns a 15% stake in RESRECO which has a capital of SAR 300 million divided into 30 million shares at a nominal value of SAR 10 each.
The investment has been fully written off in the company’s most recent audited financial statements as of December 31, 2024.
ARTEX likewise confirmed that it has written off the full value of its 15% stake in RESRECO as per its audited financials dated December 31, 2024.
JAZADCO added that execution of the MoU is subject to due diligence and regulatory approvals. Ethraa Holding will carry out a comprehensive due diligence review of RESRECO,, covering financial, legal, operational, and technical aspects, while Al Reif will be required to provide all necessary documents and information during the term of the MoU.
ARTEX stated that if the due diligence results are favorable, all shareholders—including Artex—will be obligated to complete the transaction in accordance with the final terms set out in a comprehensive share purchase agreement, and to provide the necessary guarantees to cover RESRECO’s existing financial obligations, including the SIDF loan.
Both companies said the MoU was signed on June 21, 2025, and will remain in effect for 60 days from the signing date, with the option to extend by written agreement between the parties.
JAZADCO stated that, if the deal goes through, it expects a positive financial impact from reversing the SAR 100.8 million provision related to its SIDF loan guarantee.
ARTEX also noted a potential positive financial impact from reversing the SAR 100 million guarantee provision recorded in its financial statements for the same loan.
JAZADCO added that the MoU aligns with its strategy to reduce the financial burden resulting from RESRECO’s obligations.
Both companies confirmed there are no related parties involved and stated that any material updates regarding the transaction will be disclosed as they become available.
Logo ofJazan Development and Investment Co. (JAZADCO)
Jazan Development and Investment Co. (JAZADCO) and ARTEX Industrial Investment Co. announced that Al Reef Sugar Refinery Co. (RESRECO) signed a binding memorandum of understanding (MoU) on the part of its shareholders (the sellers) and a non-binding MoU on the part of Ethraa Holding (the buyer), to sell 100% of the shares in RESRECO.
In a statement on Tadawul, JAZADCO clarified that Ethraa Holding will commit to providing the necessary financial guarantees to all creditors—foremost among them the Saudi Industrial Development Fund (SIDF)—to cover all outstanding loans and obligations of RESRECO, including guarantees previously provided by the shareholders.
For more news on listed companies
JAZADCO noted that it owns a 15% stake in RESRECO which has a capital of SAR 300 million divided into 30 million shares at a nominal value of SAR 10 each.
The investment has been fully written off in the company’s most recent audited financial statements as of December 31, 2024.
ARTEX likewise confirmed that it has written off the full value of its 15% stake in RESRECO as per its audited financials dated December 31, 2024.
JAZADCO added that execution of the MoU is subject to due diligence and regulatory approvals. Ethraa Holding will carry out a comprehensive due diligence review of RESRECO,, covering financial, legal, operational, and technical aspects, while Al Reif will be required to provide all necessary documents and information during the term of the MoU.
ARTEX stated that if the due diligence results are favorable, all shareholders—including Artex—will be obligated to complete the transaction in accordance with the final terms set out in a comprehensive share purchase agreement, and to provide the necessary guarantees to cover RESRECO’s existing financial obligations, including the SIDF loan.
Both companies said the MoU was signed on June 21, 2025, and will remain in effect for 60 days from the signing date, with the option to extend by written agreement between the parties.
JAZADCO stated that, if the deal goes through, it expects a positive financial impact from reversing the SAR 100.8 million provision related to its SIDF loan guarantee.
ARTEX also noted a potential positive financial impact from reversing the SAR 100 million guarantee provision recorded in its financial statements for the same loan.
JAZADCO added that the MoU aligns with its strategy to reduce the financial burden resulting from RESRECO’s obligations.
Both companies confirmed there are no related parties involved and stated that any material updates regarding the transaction will be disclosed as they become available.
